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2016 (2) TMI 74 - AT - Wealth-taxInclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax escaped assessment u/s 17 - The assessee claimed that the said property was in the nature of commercial establishment as per section 2(ea)(i)(5) of the Act and thus it could not be included in the net wealth of assessee. - Held that:- the subject mentioned property is a commercial complex and is a productive asset deriving rental income of ₹ 15,00,000/- per annum. It is well settled from the Memorandum explaining the provisions in the Finance No. 2, 1998 under the head “incentives proposed under the wealth tax act” that wealth tax is not to be levied on productive assets. - Decided in favor of assessee.
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