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TMI Blog1978 (5) TMI 56X X X X Extracts X X X X X X X X Extracts X X X X ..... the accounting year relevant to the assessment year 1973-74. The appellant constructed a weaving factory on a part of this land. Only the money invested in the construction of the factory building was declared by the appellant for the purposes of wealth-tax. The WTO determined the value of the site on which the factory building was raised as Rs. 38,000 at the rate of Rs. 100 per ankanam and includ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted relied Rs. 19,000. 2. This relief was not enough and the assessee has come up in further appeal before us. Mr. Swamy has reiterated the contention that the factory building is also covered by the exemption provided in terms of s. 5(1) (iv) of the WT Act. Mr. Bhaskar Rao has objected to the admissibility of this contention. In our opinion, the fact that the assessee did not raise this contenti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive Co. Ltd. vs. The Gram Panchayat, Pimpri Weghere (2) the expression "house" fell for interpretation before the Supreme Court. The Supreme Court held that the word "houses" and "lands" as used in s. 89 of the Act mean all buildings, and factory buildings would be included within that meaning. The Supreme Court further held that having regard to the nature of the word "houses" as used in taxing l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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