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2009 (2) TMI 411 - KERALA HIGH COURTExemption- The assessee was getting rent for the cashew factory building leased out to a firm of which the assessee was a partner. The question to be considered was whether leasing out of the factory buildings to a firm of which the assessee was a partner could be treated as occupation of building for the purpose of any business or profession carried out by such assessee. Held that- the building ceased to be eligible for exemption at the hands of the assessee when it was leased out on rent. Therefore, the assessee was not entitled to exemption for the leased factory building u/s 2(ea)(i)(3) of the Act.
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