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2013 (8) TMI 221 - CALCUTTA HIGH COURTNature of the asset - Whether the flat purchased by the assessee in an incomplete condition was not an "asset" u/s 2(ea) nor was a piece of an "urban land" u/s 2(ea)(v) - The AO had treated the investment as an "urban land" u/s 2(ea)(v) - Held that:- If the construction was partly completed or the building is under construction, in that case the exception engrafted in the definition of the words "urban land" does not get attracted - In that event the urban land or undivided interest of the assesse continues to be open for taxation within the category of urban land relying upon CWT v. Girdhar G. Yadalam (2007 (3) TMI 334 - KARNATAKA HIGH COURT) - The intention of the Legislature appears to be to tax the wealth either in the form of urban land or in the form of a house the flat was purchased in an incomplete condition and was yet to be fully completed - there can be no doubt that the construction was yet to be completed Order set aside to the aforesaid extent - The matter shall now go back for reassessment Decided in favor of revenue.
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