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2018 (10) TMI 749 - AT - Wealth-taxAsset chargeable to wealth tax - Exemption u/s 2(ea)(i)(3) of Wealth Tax Act on share of property - commercial asset - whether asset has not fulfilled the conditions to be categorized as commercial establishment? - assessee and other co-owner had purchased a Cinema Theatre with the land and buildings appurtenant thereto - Held that:- As long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but could not run the theatre due to various reasons but that does not mean that the property has lost its character. Hence, we are satisfied that it is in the nature of commercial establishment, and the exclusion provided in section 2(ea)(i)(3) would be applicable. Therefore, we see no reason to interfere with the order of the CIT (A) which is on similar lines. - Decided against revenue.
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