Bombay HC confirms ITAT
order, upholds wealth tax liability on urban land, construction on which
requires permission from Competent Authority under Tamil Nadu Town Planning
Act; Rejects assessee's contention that relevant land was covered under
exclusion for urban land on which construction of a building is not permissible
under any law in force; HC distinguishes between a case where the construction
of a building is not permissible under any law for the time in force and where
construction though permissible, must be preceded by permission, approval or
sanction from the prescribed authority, holds that requirement of permission
for construction would not make construction impermissible; Observes that
restriction and prohibition are two different concepts and building regulations
may amount to restriction on land development but not prohibition, thus holds
that if assessee's contention is to be accepted, it would paramount to adding a
requirement in the exclusion clause, which the legislature has not yet prescribed.:HC
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