Allowing the appeal the Court held that a combined reading of clause 10.1(g), clause 13.1, 13.2 and clause A(viii) of annexure A together with the \u201cNo objection\u201d under Chapter XX-C of the Income-tax Act, 1961 and the letter written by Shri Dhingra\u00a0 prima facie demonstrated that the developers did have power to alienate their portion of the property ; and they had entered into the property. It was a different matter if the project did not progress further. A mere failure of the project did not undo the acts of the parties. The order passed by the Tribunal was not sustainable in the facts and circumstances of this case. The value of the lands was not assessable to wealth-tax in the hands of the assessee .( AY.2004-05 to 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealth-Tax Act, 1957<\/p>\n
S. 2(ea):Assets \u2014 Urban land \u2014 Agreement for sale of land to developers in December 2000 \u2014 Possession was given to buyers \u2014Buyers conveying the land to third person in August 2007 – Value of land not assessable in hands of assessee. [ S. 2(n) 3, 16(3), 17 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-32078","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8lo","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32078","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=32078"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32078\/revisions"}],"predecessor-version":[{"id":32079,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/32078\/revisions\/32079"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=32078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=32078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=32078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}