2002 (10) TMI 338

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....Member - This Wealth-tax appeal by the assessee for the assessment year 1997-98 is directed against the order of the CWT(A). 2. The Ground of appeal No. 1 of the assessee is regarding the value of building under construction at Gangapur Road, Nasik amounting to Rs. 28,74,472. The Ld. Counsel for the assessee argued that the building was under construction on the valuation date and accordingl....

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....it was an afterthought that it claimed so in the revised return. He argued that the CWT(A) has rightly distinguished defined the ratio of the decision of Hon'ble Orissa High Court in 130 ITR 393 (Ori.) relied on by the assessee. 3. We have considered the rival submissions carefully. "Assets" has been defined in section 2(ea) of the W.T. Act 1957 and sub-clause (i) thereof refers to any building....

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....ld that the value of the building under construction at Gangapur Road, Nasik is not includible in the computation of the net wealth of the assessee for the relevant valuation date. In this view of the matter the ground of appeal No. 1 of the assessee is allowed. 4. The Ground of appeal No. 2 of the assessee is regarding valuation of 42 motor cars belonging to the assessee. The assessee has show....