TMI Blog2011 (5) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... ls for assessment years 2001-02 and 2002-03, the assessee has disputed the orders of ld. CWT(Appeals) in upholding the action of the Assessing Officer of re-opening of assessments. 4. At the time of hearing, the ld. A.R. for the assessee submitted that the Assessing Officer initiated re-assessment proceedings by issuing notice under section 17 of the Wealth Tax Act in consequence of objections raised by Audit Department. He submitted that no re-assessment proceedings could be validly initiated on the basis of objections raised by Audit Department. However, in reply to a query, ld. A.R. conceded that no return of wealth-tax was filed by the assessee for the assessment years under consideration. The Assessing Officer issued notice under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that the similar issue has been considered by the ITAT, Kolkata Bench in the case of DCIT vs.- Hind Ceramics Pvt. Ltd. in WTA Nos. 42 43/Kol./2010 and the Tribunal vide its order dated 07.01.2011 has held that in view of the definition of asset in relation to assessment years under consideration, the let out property, which is in the nature of commercial establishments or complexes are to be excluded as an asset in view of provision of section 2(ea)(i)(5) of the Act and is not liable to be included for computing taxable net wealth. The ld. A.R. in support of his submission filed the copy of the said order of the Tribunal dated 07.01.2011. On the other hand, the ld. D.R. in her submission relied on the orders of the authorities belo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny subsequent assessment year, means (i) any building or land appurtenant thereto (hereinafter referred to as house ), whether used for residential or commercial purpose or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometers from local limits or any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary or less than five lakh rupees; (2) any house for residential or commercial purposes which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... se of the property is commercial irrespective of the fact whether it is used or occupied either by the assessee himself or by anybody else for the purpose of any business or profession carried on by them, as the case may be. It was held that the word commercial means something, which is used in or related to a business or a trade. Commercial means relating to or engaged in or used for commerce. The word establishment means an organization, building, construction, shop, store, concern or corporation. Considering the above definition of asset, it was held that the let out properties, which are in the nature of commercial establishments or complexes, could not be included while computing taxable net wealth of the assessee. 9. We are of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
