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2012 (8) TMI 563 - AT - Wealth-taxValidity of the issuance of notice u/s 17 of the Wealth Tax Act – reopening of assessment – income escape assessment – Held that:- Information and material found during course of assessment proceedings under section 143(3) of Income-tax Act, 1961 constitute a tangible material for forming a belief that net wealth of assessee assessable to tax has escaped assessment - reopening of the assessment by issuing notice us/ 17 of W T Act is valid and as per law Addition of net wealth in respect of office premises – Held that:- 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 - premises in question being an office let out by the assessee would not fall in the category of commercial establishment or complex as per the provisions of sec. 2(ea)(i)(5) of the W T Act and consequently the same is assessable to wealth tax - appeal filed by the assessee is dismissed.
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