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” as available in Section 2(ea) of the WT Act. The Hon’ble Supreme Court found that only a land in which the building is completely constructed stands excluded under the exclusionary provision under Explanation (1)(b)(ii) of Section 2(ea).
3. Respectfully following the aforesaid decision, we set aside the orders of the Tribunal and affirm the order of the Assessing Officer. The Wealth Tax Appeals would stand allowed, answering the question of law in favour of the Revenue and against the assessee. However, there is question of valuation which has to be considered by the Tribunal, which the Tribunal did not consider. Hence, to decide on the quantum, the matter is remanded back to the Tribunal. The Tribunal shall expedite the consideration, since the orders impugned are of early and late 1990s. Parties are directed to suffer their respective costs.