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Land on which construction has started is not Asset for Wealth Tax Purposes
Case Law Details
- Case Name
- Wealth Tax Officer Vs M/s. United Exhibitor Syndicate Pvt. Ltd. (ITAT Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2004-05 to 2007-08
- Courts
- All ITAT, ITAT Kolkata
CA Kanhaiya Kumar Agarwal
Brief Facts of the Case and Question of Law:
Brief Facts
The assessee held a plot of land and had progressively constructed the Complex on it. This fact is evident from the expenditure shown under work-in-progress on construction as per the audited accounts. The complex was under construction from assessment year 2004-05 to assessment year 2007-08.The assessee has been given permission to start construction of these plots vide sanctioned letter dated 18.02.2004 and the assessee awarded the soil investigation contract to Drillco Engineers on 21.02.2004 and the said fi...
