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2013 (9) TMI 957 - HC - Wealth-taxProperty in Commercial Area u/s 2(ea) Explanation 5(1) – Exclusion of Value of Property – Net Wealth - Whether the Tribunal was right in law and in fact in holding that the property of the assessee in commercial area let out falls under the exception clause “any property in the nature of commercial establishments or complexes” as per explanation 5(i) of section 2(ea) of the Wealth Tax Act - Held that:- To our mind sub-clause(5) of clause(i) of section 2(ea) nowhere requires that a commercial establishment or a complex cannot be established in a house property - It only provided that any property in the nature of commercial establishment or complexes shall be excluded from the term ‘assets’ as defined in clause(i) of section 2(ea) - Further that it nowhere provides that only if such commercial complex was occupied by the owner then alone the exclusion shall take effect - On both counts thus contention of the Revenue cannot be accepted - It was significant to note that exception sub-clause(3) of clause(i) of section 2(ea) pertains to any house which the assessee may occupy for the purposes of any business or profession carried on by him - Thus whenever legislature desired that exclusion may apply only if property was self occupied, it was so provided. Significantly, in sub-clause(5), there was no such insistence - No question of law arises. Revenue tried to overcome the assessee’s contention that since the property does not belong to her as per section 4 of the Wealth Tax Act, same cannot form part of her assets - However, since the Commissioner (Appeals) as well as Tribunal both have centered their focus only on alternative legal contention, we have examine the same without concerning ourselves with the first contention of the assessee - Tax Appeal was dismissed.
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