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2016 (4) TMI 550 - AT - Wealth-taxExemption u/s 2(ea)(i)(5) of the Wealth Tax Act - CWTA bringing the warehouse to wealth tax by not treating the same as a commercial establishment warranting exemption u/s 2(ea)(i)(5) of the Act - Held that:- In the instant case, it is not in dispute that the Learned AO had accepted the rental income derived from letting out of the warehouse as income from business. It is not in dispute that the assessee had indeed derived income from handling and transportation of food grains and claiming deduction u/s 80IB of the IT Act, 1961 which is also granted by the Learned AO in scrutiny assessment proceedings. Hence it can be safely concluded that the warehouse at Kandla Port has been utilsied for business purposes by the assessee and hence exempt u/s 2(ea)(i)(3) of the Act . It is also in the nature of commercial establishments and hence exempt u/s 2(ea)(i)(5) of the Act . Thus we have no hesitation in deleting the addition made by the Learned AO in bringing the warehouse at Kandla Port to wealth tax. - Decided in favour of assessee
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