JUDGEMENT

1. These appeals by the assessees are directed against common impugned order dated February 12, 2016 passed by the ITAT[1] in W.T.As. No.37 to 42/Bang/2014, W.T.As. No.43 to 45/Bang/2014 and W.T.As. No.46 to 51/Bang/2014 and they have been admitted to consider following questions of law:

[1] Income Tax Appellate Tribunal 'C' Bench

"1. On the facts and circumstances of the case and in law whether the learned Tribunal was correct in law in holding perversely that the appellant continued to be the owner of urban land under section 2(ea) of the Wealth Tax Act, 1957 despite the fact that the appellate (after transferring the land to the developer through JDA dated 05-12-2000) retained only the right to receive 15.3% of the total built up area, which does not fall within the exhaustive definition of "assets" under section 2(ea) of the Wealth Tax Act, 1957?

2. On the facts and circumstances of the case and in law whether the learned Tribunal ignored the binding decisions of this Hon'ble Court rendered on interpretation of section 2(47)(v) of the Income-tax Act, 1961 squarely applicable to the facts of the case and perversely applied ratio rendered in interpretation of section 2(47)(