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2010 (6) TMI 485 - AT - Wealth-taxAssets - Whether the immovable property owned by the Assessee can be included in the net wealth of the Assessee? - Held that: - the Assessee had given the property on lease and therefore it cannot be said that he was in occupation of the property for the purpose of a business or profession carried on by him. The exclusion clause in the definition of ‘assets’ u/s. 2(ea) of the Act contemplates physical possession by the Assessee as opposed to dejure possession. - the Value of the the immovable property owned by the Assessee has to be included in the net wealth of the Assessee. Regarding valuation - Computation of GMR - if the actual rent received is much higher than the annual value assessed by local authority then that has to be taken as laid down in Rule-5(i) of Schedule-III to the Act. - the registered valuer report was never filed before the WTO and therefore the same cannot be taken cognizance. - under Proviso (iii) to Expln., to Rule 5 Schedule-III to the Act, the addition of 15% interest on interest free security deposit to the annual rent received by the Assessee was proper and in accordance with law. -
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