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2012 (4) TMI 151 - AT - Wealth-taxWealth-tax appeals - assessee company engaged in the business of manufacturing and sale of glass products – due to adverse conditions faced by assessee granted plant and machinery and land and buildings on lease - offered the lease rent and processing charges earned for taxation under the head 'Business income' – AO held assessee was earning rental income assets leased out are liable for wealth-tax – Held that:- the nature and character of the properties given on lease remained the same even after the properties were let out - whether the business of manufacturing glass products is carried on by the assessee company itself or by the lessor, the assets including land, buildings, plant and machineries always remained as properties in the nature of commercial establishments occupied for the purpose of carrying on business –any property in the nature of commercial establishments or complexes is excluded from the definition of assets liable for wealth tax - in favour of assesee.
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