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2015 (8) TMI 432 - AT - Wealth-taxDetermination of net wealth of assessee - Renting of property - Business Income or asset - Held that:- CWT(A) while treating the asset as a commercial property has followed the decision of the Tribunal in assessee’s own case [2015 (6) TMI 252 - ITAT PUNE] in the 263 proceedings and has also relied on various other decisions and since the Ld. Departmental Representative was unable to distinguish the findings given by the CWT(A) by placing any cogent material, therefore, we do not find any infirmity in the order of the CWT(A) deleting the addition made by the WTO. As already mentioned earlier, the AO in the order passed u/s.143(3) had treated the rental income from the property as “business income” which was set-aside by the CIT u/s.263 of the I.T. Act. On appeal by the assessee the Tribunal quashed the order passed u/s.263. Therefore, once the rental income from the property is treated as “business income” and the character of the asset remains as commercial establishment or commercial complex as envisaged in sub-section 5 of clause (i) of section 2(ea) of the Wealth Tax Act, the same cannot be brought into the ambit of Wealth as the same falls within the exclusions provided in clause (i) of section 2(ea) of the Wealth Tax Act. - Decided against Revenue.
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