Wealth Tax leviable on land on which Construction is under process

The Commissioner Of Wealth Tax Vs Shri. K. C. Rajan (Kerala High Court) The question of law raised in these appeals for different assessment years, of the very same assessee. We need not delve on the facts, since the issue is one covered by the judgment of the Hon’ble Supreme Court in Giridhar G.Yadalam v. CWT [(2016) 384 ITR 52 (SC)]. 2. The only question arising is as to whether under the Wealth Tax Act, 1957 [for brevity “WT Act”] a land in which construction is being carried on could be excluded from the definition of “urban land” and thus from the definition of “assets” ...