TaxTMI 
TaxTMI 
2026 (10) TMI 3
X X X X Extracts X X X X
X X X X Extracts X X X X
....kumar For the Appellant(s) : Mr.R.Swarnavel For the Respondent(s) : Mr.V.Mahalingam Senior Standing Counsel COMMON JUDGMENT DR. ANITA SUMANTH J. These are four appeals instituted by the assessee challenging assessments made under the Wealth Tax Act 1957 (in short 'Act'). Following are the substantial questions of law that have been admitted by this Court on 01.10.2012: 1. W....
X X X X Extracts X X X X
X X X X Extracts X X X X
....egistration authorities under the state government valuing the land as non-agricultural for levy of stamp duty and holding the lands used for agricultural purposes as urban land for the levy of wealth tax? 4. Whether, having regard to the stand of the Department that 'agricultural land situated in urban area is not liable to wealth tax' and also the Finance Minister's statement in the....
X X X X Extracts X X X X
X X X X Extracts X X X X
....from 01.04.1993, and Mr.Mahalingam, learned Senior Standing Counsel appearing for the Department fairly accedes to the submission made. 3. The appellants, who are joints owners of the following lands, had sought exemption from the levy of wealth tax on the ground that the lands had been utilised for agricultural purposes: Kulavnikapuram, Melapalayam, Tirunelveli 979 Kulavnikapuram, Mel....
X X X X Extracts X X X X
X X X X Extracts X X X X
....construction had been held to be legally impermissible. Since the lands in question did not have the limitation as aforesaid, that is, they did not constitute lands upon which construction was impermissible, the exemption was denied. 5. While so, the definition of 'asset' under Section 2(ea) was amended by insertion of sub-clause (b) to Explanation 1 thereof vide Finance Act 2013, by virtue of ....