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2012 (6) TMI 668 - HC - Wealth-taxExemption under wealth tax - assets u/s 2(ea) - Valuation of assets under WT Act - leasehold property - commercial complex let out on rent – Held that - By an amendment in clause (ea) of section 2, commercial buildings, which are not occupied by the assessee for the purpose of his business or profession, other than the business of letting out properties, shall be brought to tax under the Wealth-tax Act, 1957 - said amended section was in force only for two years by the Finance Act (No. 2), 1998. It is clear from the Explanatory Notes, the Central Board of Direct Taxes circular and the subsequent action of further amending the said section, that the intention was not to tax business assets used by the assessee for the purpose of his business or profession and also the business assets which are let out, if the assessee is in the business of letting out properties. All other types of commercial properties were brought to tax under the Wealth-tax Act. Assessee was justified in claiming the exclusion of the properties which are the subject of the matter of the proceedings, from wealth-tax – In favor of assessee
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