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2015 (6) TMI 728 - ITAT AHMEDABADValuation - Addition in net wealth - Held that:- Revenue seeks to restore the Assessing Officer’s findings treating assessee’s industrial sheds in question as taxable under the provisions of wealth tax law. It has come on record that the assessee is utilizing the same in its business of plastic processing machineries and generates revenue therefrom. The lower appellate authority has exempted these sheds from being assessed by quoting section 2(ea)(5) of the Act. It also quotes case law of the tribunal (2006 (9) TMI 246 - ITAT PUNE-B ) holding only nature and purpose of the property’s usage as material irrespective of the user. The Revenue neither places on record any material rebutting the CIT(A) view holding the assessee’s sheds being utilized in its business nor does its quote any case law to the contrary - Decided against Revenue.
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