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2012 (8) TMI 532 - HC - Wealth-taxWhether property leased out is not assessable to wealth-tax and excludible from the operation of section 40 of the Finance Act, 1983 - as per section 40(3)(vi) of the Finance Act, there is an additional requirement that the building should be used by the assessee as godown or warehouse for the purpose of its business – Held that:- Let out assets are used by the assessee in its leasing business. If the leased out assets such as, godown, warehouse, hospital or other assets, come within the specified assets in section 40(3)(vi) of the Finance Act, certainly the assessee is entitled to the exemption, because the same is used in leasing business - assessee has leased out the property as a hotel and the lessee also used the same property as a hotel and there is no dispute and, therefore, the assessee comes within the specified assets as contemplated under section 40(3)(vi) of the Finance Act, 1983, and, therefore, the assessee is entitled to exemption from the Wealth-tax Act - in favour of the assessee
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