https://www.taxtmi.com/caselaws?id=56118 The Tribunal held that an incomplete structure developed by a closely-held company is not chargeable to wealth-tax as it lacks the characteristics of a building or land. The valuation of the incomplete structure should not be based on construction expenses, as incomplete structures are not usable or saleable like land or completed buildings. The land under the incomplete structure is not liable to tax under the Finance Act, and incomplete structures do not fall under specified assets for wealth-tax purposes. The Tribunal upheld the decision of the CWT(A) regarding the non-taxability of incomplete structures. en-us Thu, 01 Dec 1994 00:00:00 +0530 Wed, 01 Dec 2010 16:38:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56118 The Tribunal held that an incomplete structure developed by a closely-held company is not chargeable to wealth-tax as it lacks the characteristics of a building or land. The valuation of the incomplete structure should not be based on construction expenses, as incomplete structures are not usable or saleable like land or completed buildings. The land under the incomplete structure is not liable to tax under the Finance Act, and incomplete structures do not fall under specified assets for wealth-tax purposes. The Tribunal upheld the decision of the CWT(A) regarding the non-taxability of incomplete structures. Case-Laws Wealth-tax Thu, 01 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56118