2016 (8) TMI 351

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....questions of law: "(1) Whether the Appellate Tribunal is right in law and in fact in holding that "urban land" as defined in clause (b) of Explanation 1 to Sec.2(ea) of the Wealth Tax Act does not include any right or interest that a person may be having in the urban land otherwise than by way of actual ownership? (2) Whether the Appellate Tribunal is right in law and in fact in holding that any other right, including lease hold right, otherwise than by way of ownership is beyond the scope of definition of term "assets" as defined in Section 2 of the Wealth Tax Act?" 2. Tax Appeal No.1510 of 2005 challenges order dated 24/12/2004 passed by the ITAT in WTA NO.13/RJT/2004 for assessment year 1995-96 and Tax Appeal No.1511 of 2005 cha....

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....ecord, the legal ' provisions and the judicial pronouncements relied upon by the both the sides. The main contentions of the ld. Counsel are twofold. Firstly, that the property in question is not an asset within the meaning of section 2(ea) of the Act. Secondly, since the assessee is merely a lessee, the asset does not belong to it. The scheme of taxation under the Wealthtax Act was revamped with effect from 01.04.1993, i.e., from the assessment year 1993-94. The earlier inclusive definition of the term "assets" given in clause (e) of sec. 2 was replaced by an exclusive and hence a narrower definition in clause (ea) of sec.2. As per the new definition, the term "assets", inter alia, means urban land. The term "urban land" has been defined i....