Urban land utilised for construction of a building with approval of prescribed authority is not subject to Wealth-tax under definition of "asset"

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF KERALA, IN THE CASE OF: Apollo Tyres Ltd. Vs. ACIT, APPEAL NO: WTA No. 197 of 2009, DECIDED ON: December 7, 2009 RELEVANT PARAGRAPH 5. We feel, for interpreting the provisions of the amended statute, we have to keep in mind the recommendations of Dr. Raja Chelliah Committee report based on which the Wealth Tax Act is recast. Admittedly the assessee utilised the urban land for construction of a commercial building which qualifies for exemption from wealth tax. The department has no case that after construction of the Commercial building urban land o...