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2016 (8) TMI 232 - HC - Wealth-taxNature of asset - ITAT held that the properties at Worli, Mumbai owned by the assessee was outside the purview of the `asset' because this property was commercial property, ignoring the fact that sub-clauses (4) and (5) of clause (i) of Section 2(ea) were brought on the statute only with effect from 01.04.1999 through the Finance (No.2) Act, 1999 - Held that:- Since the subject property did not fall within any of the three excluded categories enumerated under clause (i) of Section 2(ea), the said property cannot be considered to be outside the purview of the expression ‘assets’.
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