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2003 (2) TMI 45 - HC - Wealth-tax
The building in question could not come within the definition of "asset" as was held by the learned Tribunal affirming the decision of the Commissioner (Appeals) and the Assessing Officer. Therefore, the order of the learned Tribunal cannot be sustained and is hereby set aside. The tax proposed to be imposed on the building let out to as commercial building to tenants, is not an asset within the meaning of section 2(ea), included in net wealth defined in section 2(m), respectively, and, therefore, is not taxable under section 3 of the Wealth-tax Act, for the assessment year 1993-94.