2015 (6) TMI 770

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....d the assessing officer to exclude the value of the land at Ambattur while computing the net wealth of the assessee? 2) Whether on the facts and circumstances of the case, the land sold at Ambattur would fall within the exclusion clause of proviso to Section 2(ea) of the Wealth Tax Act? 2.The issue that arises for consideration herein is as to whether the land at Ambattur sold by the assessee would fall within the exclusion clause of Section 2(ea) of the Wealth Tax Act? 3.It is the contention of the assessee that every part of the land sold comprise of factory building i.e. administrative and research and development block and considering the nature of use to which the land sold prior to the sale, it cannot be treated as urban land....

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....sessing Officer and copy placed before us and find that the ld.CIT(A), while considering the plea of the assessee in the light of remand report obtained from the Assessing Officer and objections filed by the assessee has concluded to exclude such land from the definition of asset as per proviso to section 2(ea) of the Wealth Tax Act. The relevant paras from 20 to 24 reproduced as under : "20. I have carefully considered the arguments of the Ld AR and the Remand Report of the Assessing Officer and also the records and the documents before me. I find that the argument of the Appellant that the lands sold during the assessment years 2005-06 and 2006-07 cannot be treated as urban land or unused land has some force. As can be seen from the pl....

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.... is constructed. 23.In this connection, it may be appropriate to refer to the observations of the Delhi High Court in the case of CWT vs. D.C.M.Ltd., (290 ITR 615) wherein at page 621, the said High Court has held as under : "In the maxim, generalia verba sunt generaliter interlligenda  it would be helpful precept to interpretation of the provisions which uses the words of general would have to be construed generally. The intention of the Legislature appears to be that land which falls within the exception afore referred would have to be excluded form the ambit and scope of the expression urban land . Once the land or any building thereupon making it a combination of land and building is not urban land, then it could not be an as....