CHITRA VENKATARAMAN,J

1. The Revenue is on appeal against the order of the Tribunal arising under the Wealth Tax Act. The following substantial question of law was raised for consideration:

"Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that a land on which the foundation is laid for building a hotel should be treated as a business asset not exigible to Wealth Tax under Section 40A(3) of the Finance Act?"

2. The assessment years under consideration are 1996-97 and 1997-98. The assessee is a company carrying on hotel business. It is seen from the facts that the assessee purchased lands during 1993-94 followed by further addition during the subsequent year viz., 1996-97. It had obtained permission for construction from Madras Metropolitan Development Authority, who issued the same on 30.3.1995. The assessee is stated to have commenced the construction work during January, 1996. In support of the construction work, the assessee also filed necessary evidence from its contractor. Till the end of March 1998, the construction was going on and in fact, during the assessment year 1998-99, the construction was almost over. It is seen fro