Transfer of land to developer via JDA not covered under wealth tax

Noorani Properties (P) Ltd Vs The Commissioner of Wealth Tax BMTC Building (Karnataka High Court) Held that appellant has transferred the land to the developer through JDA and the developer had power to alienate their portion of property. Accordingly, property so transferred is not subject to wealth tax. Facts- The Assessing Authority took up appellants’ cases for scrutiny assessment and issued Notices under Section 17 of the Wealth Tax Act, 1957 for the Assessment Years 2004-05 to 2006-07. In response to the Notices, appellants filed ‘NIL’ returns. The Assessing Authority initiated proc...