9911796707
TMI Blog2010 (3) TMI 608X X X X Extracts X X X X X X X X Extracts X X X X ..... see claimed exemption under sub-clauses (4) and (5) of section 2(ea)(i) of the Act, noticing that those provisions are not there in the statute at the relevant time, i.e., during the assessment year 1998-99, and the Tribunal allowed the appeal filed by the assessee. 2. The brief facts required for the disposal of this appeal are as follows. The assessee is a company engaged in the manufacture and export of spice products. For the assessment year 1998-99, the assessee filed its return of net wealth on November 30, 1998, declaring a net wealth of Rs.2,72,07,400. The assessment was completed under section 16(3) of the Act on February 28, 2001, determining the total wealth at Rs. 4,68,70,800. The assessee filed an appeal against the sai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cording to him, the property in question was purely a commercial build- ing, where a hotel business called "Hotel Riviera" was being carried on by the company's subsidiary Synthite Properties and Investments Ltd. and since commercial establishments and complexes are exempted from wealth-tax, the assessee was not liable for wealth-tax with regard to the said item. Further, it was contended that the furnishing and finishing work of the hotel division was in progress during the accounting year relevant to the assessment year under consideration, and, therefore, the inauguration could not be held during that year itself, and that it would not alter the fact that the property in question was a commercial building. But the Com- missioner did not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring for the respondent-assessee in this regard submitted that admittedly sub-clauses (1) to (3) has no application on which the assessee cannot claim exemption. Sub-clause (1) deals with exemption for residential purposes ; sub-clause (2) deals with exemption for residential or commercial purposes which forms part of stock-in-trade ; sub-clause (3) deals with any house which the assessee may occupy for the purpose of any business or profession carried on by him. Thus, none of the above clauses would apply to consider the claim for exemption in the case of the assessee. Sub-clauses (4) and (5) of section 2(ea)(i) of the Act have no application, as already noticed, those are the provisions which came into force subsequent to the assessment i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
