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2018 (6) TMI 907 - AT - Wealth-taxProceedings u/s 23 of the Wealth Tax Act - Asset for the purpose of wealth tax - Commercial complex - whether it is an asset? - whether house property which has been let out to a tenant would be outside the ambit of wealth tax under section 2(ea)(i)(v) of the Wealth Tax Act? -Held that:- As decided in M/S. NAVIN VANIJYA PVT. LTD. VERSUS A.C.W.T., CC-IV, KOLKATA [2016 (10) TMI 278 - ITAT KOLKATA] wealth tax is not levied on productive assets - The subject mentioned property is a commercial complex and is a productive asset deriving rental income p.a. 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. Hence we hold that the subject mentioned property shall be exempt u/s 2(ea)(v) of the Act and therefore outside the ambit of taxable wealth.
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