TMI Blog2013 (9) TMI 957X X X X Extracts X X X X X X X X Extracts X X X X ..... blishment or complexes shall be excluded from the term ‘assets’ as defined in clause(i) of section 2(ea) - Further that it nowhere provides that only if such commercial complex was occupied by the owner then alone the exclusion shall take effect - On both counts thus contention of the Revenue cannot be accepted - It was significant to note that exception sub-clause(3) of clause(i) of section 2(ea) pertains to any house which the assessee may occupy for the purposes of any business or profession carried on by him - Thus whenever legislature desired that exclusion may apply only if property was self occupied, it was so provided. Significantly, in sub-clause(5), there was no such insistence - No question of law arises. Revenue tried to over ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce appliances, man power, etc. The assessee thereafter, sub-rented the said property as a developed office with commercial facilities to M/s. Zepplin System India Pvt. Ltd. 3. The Assessing Officer was of the opinion that such property would form part of the assessee s asset for the purpose of wealth tax collection. The assessee however, opposed such proposal on the ground that being a tenant, the property does not belong to her. Alternatively, it was pointed out that assessee had earned rent of Rs.5,79,600/- in the year relevant to the assessment year 2005-2006 and had offered the same to tax as income from house property. However, since the property was occupied by the said company as office premises, same was commercial establishment a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rty, benefit of such exclusion would not be available to her. 5. We are however, of the opinion that Appellate Commissioner as well as the Tribunal have examined the facts in light of statutory provisions and have come to correct conclusion. To reiterate, uncontrovertedly, it has come on record that property in question after having been taken on rent by the assessee, she created a complete commercial establishment thereon by providing necessary facilities for operating the commercial office. She provided furniture, office appliances, office staff, air conditioner, telephone lines,etc. Such property was thereafter, sublet to M/s. Zepplin India Pvt. Ltd. who enjoyed the same for running its office there. It thus remains established that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ished in a house property. It only provides that any property in the nature of commercial establishment or complexes shall be excluded from the term assets as defined in clause(i) of section 2(ea). Further that it nowhere provides that only if such commercial complex is occupied by the owner then alone the exclusion shall take effect. On both counts thus contention of the Revenue cannot be accepted. It is significant to note that exception sub-clause(3) of clause(i) of section 2(ea) pertains to any house which the assessee may occupy for the purposes of any business or profession carried on by him. Thus whenever legislature desired that exclusion may apply only if property is self occupied, it was so provided. Significantly, in sub-clause ..... X X X X Extracts X X X X X X X X Extracts X X X X
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