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2013 (3) TMI 611 - AT - Wealth-taxDetermination of net wealth - exemption under Explanation (5) to section 2(ea)(i) - Held that:- in order to evaluate a claim for exclusion based on Explanation (5) to section 2(ea)(i) of the Act, the assessee has to demonstrate that the property is in the nature of commercial establishment or complexes, though the commercial activity may not be carried by the assessee himself - assessee had pointed out that the properties at Market Yard, Pune, are commercial shops used for carrying out commercial activities and the same have been let out and the occupants are using it for such commercial activities. Even with regard to the property let out at Pune Camp and at Lalbaug Society, the same were being used for commercial activities. Even with regard to the Office space at Sharda Arcade, Pune, the assessee pointed out that the same was on rent to Wipro Ltd., and was being used for commercial activities. - no error on the part of the CWT(Appeals) in holding that the aforesaid properties are covered by the exception provided in Explanation (5) below section 2(ea)(i) of the Act and, therefore, the same are excludible for the purposes of computing net wealth chargeable to tax for the A.Y.200-01. - Decision in the case of Satvinder Singh vs. DCWT [2006 (9) TMI 246 - ITAT PUNE-B] followed - Decided against Revenue.
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