Home Case Index All Cases Wealth-tax Wealth-tax + AT Wealth-tax - 2016 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 569 - AT - Wealth-taxNet wealth computation - exclusion of property @ Delhi taken on lease - that:- The case made out before us is that the above stated Delhi house is on rent with the assessee and the same cannot be treated to be belonging to him. The Revenue fails to quote any statutory provision or a judicial precedent before us which could repel assessee’s contention that a residential house taken on rent could be assessed as net wealth in the hands of a tenant. We reiterate that the assessee has already placed on record sufficient evidence proving regular rent payments already allowed as expenditure in income tax assessments. We do not find any reason to interfere with the lower appellate finding under challenge. We accordingly conclude that the CWT(A) has rightly taken assessee’s Delhi rented property to be out of the purview of the Wealth Tax provisions thereby directing the Assessing Officer to claim section 5(vi) relief qua Baroda property.
|