https://www.taxtmi.com/caselaws?id=788486 Land recorded as agricultural in the revenue records and supported by Urban Land Ceiling proceedings did not constitute "urban land" under Section 2(ea)(v) of the Wealth-tax Act where construction was not permissible under law. The Court held that the statutory exclusion must be read with the applicable land-use and planning restrictions, and the authorities erred by applying the definition mechanically while ignoring documentary evidence. The relevant character of the land was its status on the date of transfer; later conversion could not retrospectively change that character. The Tribunal's finding was therefore unsustainable, and the land was outside the wealth-tax net. en-us Mon, 16 Mar 2026 00:00:00 +0530 Tue, 24 Mar 2026 08:12:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788486 Land recorded as agricultural in the revenue records and supported by Urban Land Ceiling proceedings did not constitute "urban land" under Section 2(ea)(v) of the Wealth-tax Act where construction was not permissible under law. The Court held that the statutory exclusion must be read with the applicable land-use and planning restrictions, and the authorities erred by applying the definition mechanically while ignoring documentary evidence. The relevant character of the land was its status on the date of transfer; later conversion could not retrospectively change that character. The Tribunal's finding was therefore unsustainable, and the land was outside the wealth-tax net. Case-Laws Wealth-tax Mon, 16 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788486