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TMI Blog2016 (7) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... clause (v) because land mentioned therein does not carry any qualification or the adjective vacant and that even otherwise the land does not lose its value as an asset simply because construction is started thereon. We are in complete agreement with the reasonings adopted by the Tribunal. - Decided in favour of revenue and against the assessee. - TAX APPEAL NO. 327 of 2008 With TAX APPEAL NO. 328 of 2008 - - - Dated:- 9-6-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR SN SOPARKAR, SENIOR COUNSEL WITH MRS SWATI SOPARKAR, ADVOCATE FOR THE OPPONENT : MR KM PARIKH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appeals are preferred. 3. Mr. S.N. Soparkar, learned advocate appearing for the assessee submitted that the Tribunal has erred in not following the order of Ahmedabad Tribunal which is binding on it. He submitted that the Tribunal has erred in upholding the order passed by the assessing officer. 4. Mr. K.M. Parikh, learned advocate appearing for the respondent supported the impugned order passed by the Tribunal and submitted that the Tribunal has not committed any error in passing the same. He submitted that in fact in view of the decision of this Court rendered in Wealth Tax Reference No. 267 of 1996 on 05.10.2006 wherein it is held that the CIT(A) therein was not justified in excluding the land on which building was under construct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e building under construction thereon. It must be noted here that, if the building under construction were not to be regarded as ?building?, then the land on which the construction is started will have to be included in the assets under clause (v) because ?land? mentioned therein does not carry any qualification or the adjective ?vacant?. Even otherwise, land does not lose its value as an asset simply because construction is started thereon and the building does not cease to be a ?building? only because it is incomplete in some respect. Therefore, in short, land and building, complete or incomplete, never ceases to be a valuable asset in the hands of the holder. And, the clear legislative intention was to tax both land and building other th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. Therefore, a building under construction can never fall under the exception clause. In that view of the matter, the view taken by the Tribunal on the basis that the buildings were ?meant? for productive use was clearly erroneous and based upon irrelevant consideration of the purpose to which the building was slated to be put. If similar view was taken by the Tribunal in other matters on identical facts, it would not make the erroneous view on irrelevant consideration, correct, legal or binding. The assessing officer or the adjudicating authorities do not have the power, and there was no requirement in the context, to read or add adjectives like ? vacant? before the word ?land? and/or ?fully built up? before the word ?building?. And, tak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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