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2016 (2) TMI 29 - AT - Wealth-taxInclusion of wealth - whether the ‘commercial building’ i.e. shop is falling within the scope section 2(ea)(i) of the wealth tax Act or not. - Held that:- these assets are commercial purposes which form part of stock-in-trade and these three assets have been noted as part of the stock-in-trade and acquired for the purpose of construction of flats, the nature of business of assessee is purchase and sale of immovable properties the assessee had undertaken construction of premises - These premises were purchased and the assessee disposed off the flats after construction. All the above noted three properties being the business assets which cannot form part of taxable wealth. - Decided in favor of assessee.
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