Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 248 - MADRAS HIGH COURTExemption from wealth tax - property used by Director, Manager and Secretary as residential accommodation – Allotted the premises at Door No.20 to the Managing Director for being used as residence – Held that:- A careful reading of the provisions in Section 40(3)(iv b) of the Finance Act would show that the question of holding more than one per cent of equity share for claiming the benefit would arise only in case of an employee of the assessee and not the Director, Manager or the Secretary as the case may be - The second portion of the holding not not less than one per cent of the equity share of the assessee would be applicable only in case of employees of the assessee and not the Director, Manager or the Secretary - even the Manager or Secretary do not hold any share, nevertheless the assessee would be entitled to exemption - Against the Revenue. Wealth tax - inclusion of leased out property into Net Wealth - Assessee, apart from doing printing business, is also doing the business of leasing out the properties – Leased out two properties – Held that:- claim of exemption must be with reference to the nature of the premises – Assessee are doing business in leasing as well and in the course of such business, they have leased out the premises – leasing out the premises owned by a company is part of the company's business and therefore, the asset itself having been commercially exploited – Not includable in the net wealth, - Assessee is entitled to exemption – Against the Revenue
|