Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2015 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (8) TMI 186 - AT - Wealth-taxEnhancement in value of net wealth - Denial of exemption claim - AO denied the exemption claimed on the ground that these are single immovable properties and do not quality as commercial establishment - CWT(A) allowed exemption claim - Held that:- sub-clause(5) of clause(i) of section 2(ea) nowhere requires that a commercial establishment or a complex cannot be established in a house property. It only provides that any property in the nature of commercial establishment or complexes shall be excluded from the term 'assets' as defined in clause (i) of section 2(ea). Further that it nowhere provides that only if such commercial complex is occupied by the owner then alone the exclusion shall take effect. In view of the decision of Hon’ble Gujarat High Court and the decision of the Pune Bench of the Tribunal cited (2013 (9) TMI 957 - GUJARAT HIGH COURT) and [2013 (3) TMI 611 - ITAT PUNE] and in view of the detailed reasoning given by the CWT(A) who has also followed the above decisions while deciding the issue in favour of the assessee we find no infirmity in the order of Ld.CWT(A) excluding the 3 properties from the ambit of net wealth. Accordingly, the same is upheld and the grounds raised by the Revenue are dismissed. - Decided against Revenue.
|