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COMMISSIONER OF INCOME TAX-I Versus BARODA PACKAGING PRIVATE LIMITED

2016 (8) TMI 131 - GUJARAT HIGH COURT

Asset within the meaning of Section 2-E(a) of the Wealth Tax Act - interpreting the phrase “Commercial Establishment” or “Complexes” - Held that:- considering the decision of this Court in the case of Vasumatiben Chhaganlal Virani (2013 (9) TMI 957 - GUJARAT HIGH COURT ), the question, which is raised in the present appeals is required to be the assessee. We are not giving any elaborate reasons for the same as in the case of Vasumatiben Chhaganlal Virani (Supra) it is held by this Court exceptio .....

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consideration in the present appeals are answered in favour of the assessee - TAX APPEAL NO. 1947 of 2010 TO TAX APPEAL NO. 1948 of 2010 - Dated:- 18-7-2016 - MR. KS JHAVERI AND MR. G.R.UDHWANI, JJ. FOR THE APPELLANT : MR KM PARIKH, ADVOCATE FOR THE OPPONENT : MR MANISH J SHAH, ADVOCATE ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE KS JHAVERI) 1. Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench Camp at Baroda (herein .....

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nt or Complexes referred to in subclause (5) thereto? 2. During the assessment proceedings the Assessing Officer noticed that the assessee was in receipt of rent during previous year from factory building/sheds. It was noticed that no wealth tax return was filed. Therefore the Assessing Officer valued the same as per Schedule III of the Wealth Tax Act and added the same to the total wealth. On appeal the CWT (Appeals) deleted the addition and allowed the appeals of the assessee. On appeal before .....

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s Court in the case of Commissioner of Income-tax, Rajkot - II vs. Vasumatiben Chhaganlal Virani reported in (2013) 37 taxmann.com 216 (Gujarat) wherein this Court has held as under. 6. The fact that the assessee was earning income from house property and offering the same to tax under the Income Tax Act, after claiming deduction as provided in section 24 of the said Act, is also of no consequence. 7. From the record we do not find how the Revenue tried to overcome the assessees contention that .....

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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 th .....

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