9911796707
TMI Blog2009 (2) TMI 19X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to this Court under Section 27(1) of the Wealth Tax Act are as follows :- (1) Whether the Tribunal was right in law in holding that land used for internal roads of the factory and play ground for workers of the factory is taxable as wealth of the company, when the factory building has not been charged for wealth-tax? (2) Whether the Tribunal was right in law in holding that the approach road and internal roads are treated as part of the building for the purpose of depreciation under the Income-tax Act, 1961 and therefore, the assessee is the owner of the land ? 2. The brief facts of the case were as under:- (a) The applicant company was the owner of a plot of land with several structures standing thereon. For the assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll as the assessee preferred an appeal before the ITAT and by its common judgment and order dated 26.2.1997, the ITAT dismissed the appeal of the assessee and allowed the appeal of the revenue to the limited extent of land admeasuring 313.155 sq.mtrs. said to have been surrendered to the Bombay Municipal Corporation. Being aggrieved by the judgment of the ITAT, the assessee therefore, requested for a reference and the questions already mentioned here-in-above have been therefore, referred. 3. It is a common ground that for the relevant year, wealth tax in respect of the assessee company was chargeable in accordance with section 40 of the Wealth Tax Act which was introduced by the Finance Act 1983. Section 40(3) set out assets which were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t permissible would amount to the vacant land. Reliance was placed on the definition of vacant land in section 2 of the Urban Land Ceiling Act. The definition clause in the said Act expressly sets out that definitions are restricted for the purposes of the said Act. Counsel for the applicant drew our attention to the judgment of the Apex Court in the case of Angoori Devi(Smt) Vs. State of U.P. Ors. reported in AIR 1997 SC 875. That judgment also pertains to the definition of vacant land as contained in the Urban Land Ceiling Act. In our view, it would have no bearing on the issue in question. 5. In our view, therefore, issue no.1 is required to be answered in the affirmative and in favour of revenue. 6. In so far as question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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