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2016 (1) TMI 976 - AT - Wealth-taxInclusion of rented premises into wealth tax assessment - revenue yielding asset - power of revision u/s 25 of the CIT - Held that:- section 2(ea)(i) nowhere requires that a commercial establishment or a complex could not be established in a house property but only provides that any property in the nature of commercial establishment or complex shall be excluded from deemed asset as defined in clause 1 of section 2(ea). Further, it nowhere provides that only commercial establishment or complex is occupied by owner, then, only the exception shall take effect”. In view of the above, we are of the opinion that the impugned property is not covered by the definition of ‘asset’ so as to bring to tax under the WT Act. Further, the order of the AO cannot be considered as ‘erroneous and prejudicial to the interests of revenue’ as the AO has examined the taxability of the impugned property by issuing show cause notice and the assessee has explained the nature of the property in detail as extracted above. Therefore, it can be safely concluded that the AO formed an opinion in not bringing the property to tax and the same cannot be substituted by the CIT in the proceedings u/s 25(2) of the Act - Decided in favor of assessee.
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