https://www.taxtmi.com/caselaws?id=461843 Land on which a commercial building is under construction may still be treated as commercial property for wealth-tax purposes, because the construction activity changes the character of the asset even before completion. Applying the controlling jurisdictional High Court ruling, the Tribunal accepted that exemption is not confined to land with a completed building by the end of the relevant previous year. The stated effect was that the property qualified as a business asset for wealth-tax exemption, and the Revenue's objection based on incomplete construction was rejected. en-us Mon, 30 Sep 2013 00:00:00 +0530 Fri, 02 May 2025 15:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=461843 Land on which a commercial building is under construction may still be treated as commercial property for wealth-tax purposes, because the construction activity changes the character of the asset even before completion. Applying the controlling jurisdictional High Court ruling, the Tribunal accepted that exemption is not confined to land with a completed building by the end of the relevant previous year. The stated effect was that the property qualified as a business asset for wealth-tax exemption, and the Revenue's objection based on incomplete construction was rejected. Case-Laws Income Tax Mon, 30 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=461843