No wealth Tax on Urban Land after construction of Building by Charitable Trust on the same

Shri S. Peter Vs Asst. Commissioner of Wealth Tax (ITAT Chennai) The solitary issue that came up for our consideration from the given facts and circumstances of this case is, whether the lands owned by the assessee and leased to trusts comes under the definition of ‘asset’, as defined u/s.2(ea) of the WT Act, or the assets held by him under the trusts or legal obligation for any public purpose of a charitable or religious nature in India, which is exempt u/s.5(i) of the WT Act. The term ‘asset’ has been defined u/s.2(ea) of the WT Act, as per which, assets includes property of every de...