https://www.taxtmi.com/caselaws?id=769879 The Madras HC set aside ITAT orders that exempted land from wealth tax during construction period. The assessee claimed exemption under Section 2(ea) of Wealth Tax Act for land where building construction was ongoing but incomplete during assessment years 2007-08, 2008-09, and 2009-10. ITAT initially ruled in favor of assessee based on Rohini Hotels case, holding that land with ongoing construction activities should not be treated as urban vacant land. However, HC reversed this decision following Supreme Court's ruling in Giridhar G. Yadalam case, which held that exemption applies only when building is fully constructed, not during construction phase. HC answered questions of law in favor of Revenue. en-us Tue, 29 Apr 2025 00:00:00 +0530 Sat, 03 May 2025 08:34:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769879 The Madras HC set aside ITAT orders that exempted land from wealth tax during construction period. The assessee claimed exemption under Section 2(ea) of Wealth Tax Act for land where building construction was ongoing but incomplete during assessment years 2007-08, 2008-09, and 2009-10. ITAT initially ruled in favor of assessee based on Rohini Hotels case, holding that land with ongoing construction activities should not be treated as urban vacant land. However, HC reversed this decision following Supreme Court's ruling in Giridhar G. Yadalam case, which held that exemption applies only when building is fully constructed, not during construction phase. HC answered questions of law in favor of Revenue. Case-Laws Wealth-tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769879