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2011 (12) TMI 354 - AT - Wealth-taxWhether the immovable property of which was used for business purposes as an Asset within the meaning of Sec. 2(ea) of Wealth Tax Act, 1957 without considering the exemption provided under sub clause (5) of the said section in respect of a Commercial establishment and also sub clause (3) of section 2(ea)(i) - During the course of income tax assessment proceedings, it was noticed by the A.O. that the assessee has received rental income of Rs.35,40,000/- by letting out its business premises at Elcome House - According to the A.O. it is not a commercial establishment or complex as specified in the exclusion clause (5) of section 2(ea)(i) of the Act since the said premises does not provide any commercial facilities available in a commercial complex - It was submitted that a part of the premises was let out to sister concern which is part of their business and hence the property has been used for the purpose of business carried out by the sister concern - the assessee in the instant case has let out a part of its business premises and since the assessee is not in the business of letting out properties, therefore, the said property, in our opinion, is not exempt either u/s.2(ea)(i)(3) or 2(ea)(i)(5) of the Wealth Tax Act - Decided against the assessee
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