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TMI Blog2009 (2) TMI 411X X X X Extracts X X X X X X X X Extracts X X X X ..... anding counsel appearing for the assessee and advocate Shri Balakrishnan appearing for the respondent. 3. Clause (ea) of section 2 provides for exemption is as follows: "'assets' in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means- (i) any building or land appurtenant thereto (hereinafter referred to as house), whether used for residential or commercial purposes or for the purpose of maintaining a guesthouse or otherwise including a farmhouse situated within twentyfive kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include-. . . (3) any house which the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee to the firm and so much so the building cannot be said to have been used by the assessee for her own business purpose entitling for exemption. So far as the case decided by the CIT (Appeals) is concerned the standing counsel submitted that such decision will not bind the Department. Counsel for the assessee contended that except for the purpose of income-tax the firm is nothing but the partners together and so much so business carried on by the firm should be treated as business carried on by the partner. We are unable to accept this contention because the requirement of the above section for exemption is use of the building for business or profession by the assessee himself. This is a case where the assessee, the owner of the facto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vited our attention to the order of the Tribunal declining to consider the exemption claimed by the assessee under section 5(1)(vi) of the Act which entitles the assessee for exemption for one house. According to the counsel house referred to in the definition of asset is any building and need not necessarily be residential building and so much so at least one factory building is entitled to exemption under section 5 (1)(vi) of the Act. This issue is not considered by the Tribunal and the Assessing Officer also had no occasion to consider it as it was raised for the first time before the Tribunal. We direct the Assessing Officer to look into the claim of the assessee and grant exemption for one building if it is eligible under the provision ..... X X X X Extracts X X X X X X X X Extracts X X X X
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