Tribunal held that the assessee leased the land to educational institution and building is constructed thereon, the lands cannot be held to be vacant lands, therefore not liable to wealth-tax. (AY. 2011-12, 2012-13, 2013-14, 2014-15, 2015-16)
S. Peter v. ACIT (2021) 210 TTJ 1006 / 200 DTR 100 (Chennai) (Trib.)
S. 5(i): Exemption-Asset-Urban land-Property held under trust-Land leased to educational institution-Building constructed-Lands cannot be held to be vacant lands-Not liable to wealth-tax. [S. 2(ea)(v), IT Act, S. 11, 13(1)(c)]