Dismissing the appeals of the assessee the Court held that the land was purchased on July 30, 2007. It was not in dispute that, even though a joint development agreement was executed on July 31, 2007, no development had taken place on the subject land for the past more than a decade. Yet another factor which would belie the assessees’ claim to have intended to use the subject land for the purpose of carrying on business, was that they had not, either before or after purchase of this land, carried on any business, much less in relation to the land. The Tribunal, and the authorities below, had relied on the fact that the assessees had filed their return, for the year ending March 31, 2008, in Form ITR 2; they had shown the asset as a fixed asset (immovable property) in their balance-sheet for the year March 31, 2008 and March 31, 2009; and, except for their self-serving statement that the subject land was intended to be used as stock-in-trade for the purpose of carrying on business, no other evidence had been adduced by the assessees in support of such a claim, though the onus was on them to prove it. The findings of fact that the land constituted an asset for purposes of the Wealth-tax Act did not give rise to any substantial question of law. (AY. 2008 -09 ,2009-10)