Tribunal held that the wealth Tax Officer has not gone in to the aspect of whether the building is used for own residential purposes or business purposes or same has been let out during the relevant previous year, unless the facts are examined simply on the ground that there was a building in the land the same cannot be excluded from the ambit of wealth tax. Matter remanded to the Assessing Officer. (AY. 2008-09,2009-10)
Giridhari Govindas (HUF) v. ACIT (Wealth Tax) (2021) 209 TTJ 953 (Chennai)(Trib.) Govindas Purusothamadass v. ACIT (Wealth Tax) (2021) 198 DTR 185 (Chennai)(Trib.)
S. 2(e)(a) : Assets-Vacant Urban land-Not vacant land-Existing building was demolished-Semi finished building-Matter remanded for re verification.