TaxTMI 
TaxTMI 
2013 (8) TMI 221
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....ion 2(ea)of the Wealth Tax Act nor was a piece of an "urban land" within the meaning of section 2(ea)(v) of the said Act. The Assessing Officer had treated the investment of a sum of Rs.64.65 lakhs as an "urban land" within the meaning of section 2(ea)(v) of the Wealth Tax Act. In an appeal by the assessee, the CWT did not agree with the view of the Assessing Officer. The learned Tribunal, also, held that the subject investment could not be treated as an "urban land" because the land had already been constructed upon. We already have noticed that the flat was purchased in an incomplete condition and the flat is yet to be made habitable. Mr. Dudheria, learned Advocate appearing for the appellant, submitted that the assessee has sought to ....
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....wo 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];" Mr. Dudheria contended that only that piece of the land is excluded from the meaning of the expression "urban land" which has been constructed upon with the requisite approvals. The provision cannot apply according to him to a building which is under construction. The provision, according to him, is not that the exception would apply to both the cases where the land which has been constructed upon or partly constructed upon or for that matter to a building under construction. The expression used by the Legislature can only be construed to mean such land which has already b....
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....n unreasonable manner making thereby unworkable of the Act as sought to be argued before us. Constructed has its own meaning. Constructed would mean 'fully constructed' as understood in the common parlance. The Tribunal unfortunately, without noticing the intention of the Legislature and the specific wordings in the section has chosen to blindly follow its earlier order. If the order of the Tribunal is accepted then neither the owner nor the builder nor the occupant would pay any tax to the Government in terms of the Wealth-tax Act. In these circumstances, we are unable to accept that argument advanced by the learned counsel for the appellant. On the other hand, we would accept the reasonable argument of the learned counsel for the departme....