TaxTMI 
TaxTMI 
2007 (3) TMI 334
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.... part of the wealth as defined under section 2(ea) of the Act ? (b) Whether the properties of the assessee cannot be brought to wealth-tax assessments ?" 2. The facts of the case are as under : 3. The assessee is assessed in the status of Hindu undivided family. During the assessment year 2000-01, the assessee owned a property at Sy. Nos. 67/ 2, 67/3, 67/4 and 67/5 at Adugodi Village and portion of Sy. No. 151 at Koramangala Village of Begur Hobli of Bangalore South Taluk. This property was given to M/s. Prestige Estates Properties (P) Ltd., Bangalore, under various agreements for construction of residential flats. The development agreement was considered by the Assessing Officer in the course of assessment proceedings. The assesse....
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.... before the authorities are unsustainable in law. He would also say that the order in W. T. A. Nos. 4-5/Bang/2003 is contrary to the legal provisions and even otherwise, the said order is not applicable to the facts of this case. Per contra, Sri Parthasarathi and Sri Shankar, learned counsel, would contend that the land offered for joint development on which a building was being constructed does not fall under the definition of an "asset"/"urban land" and that therefore the Tribunal was justified in accepting the submission of the assessee. 5. After hearing, we have carefully perused the material on record. 6. The Assessing Officer in his order would hold that the assessee being owner of the vacant land is liable to wealth-tax in term....
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....that area and other relevant considerations, specify in this behalf by notification in the Official Gazette, but does not include land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him." 9. The said definition of urban land would show that certain lands are not includible for the purpose of "urb....
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....ax Act. In these circumstances, we are unable to accept that argument advanced by the learned counsel for the respondent. On the other hand, we would accept the reasonable argument of the learned counsel for the Department in the matter of the proper understanding of the words "land occupied by any building which has been constructed", since that would fulfil the intention of the Legislature. 10. In fact, we have been provided with the order of the Tribunal passed on an earlier occasion, on which reliance is placed by the Tribunal. We have also gone through the order in W. T. A. No. 4 of 2003. A reading of the said order would show that the Tribunal seems to have not properly considered the word "constructed" in the said order. The Tribu....
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....reement for pur-chase of property on June 17, 1978. The assessee was put in possession of the property. Proceedings were initiated by the State Government. There-after, assessment proceedings were initiated by the assessee. The Assessing Officer ruled that the assessee has become the owner of the property for the purpose of taxation. Appeals were filed before the appellate authority. Appeals were allowed and the findings were reversed. The Revenue took up the matter before the Tribunal. The Tribunal ruled in favour of the Revenue. On a further appeal by the assessee to this court, this court noticed the terminology "assets" and also the meaning of the words "urban land" in its order. The Division Bench also noticed section 4(8) of the Act a....