9911796707
TMI Blog2005 (9) TMI 29X X X X Extracts X X X X X X X X Extracts X X X X ..... 57 (hereinafter referred to as "the Act"). The assessment years are 1985-86 and 1986-87. The assessments for these years were completed under section 16(1) of the Act. Later on, the Commissioner of Wealth-tax revised the assessments under section 25(2) of the Act. This was challenged before the Income-tax Tribunal. The Income-tax Tribunal set aside the order of the Commissioner of Wealth-tax and r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ture of hosiery and handloom goods. The Assessing Officer exempted the weaving shed on the ground that it is used for its business. The revisional authority took the view that unless the building is used as a warehouse or a godown exemption cannot be granted. The Tribunal now takes the view that in the income-tax proceedings the rent from the Civil Supplies Corporation and kalyana mandapam was tre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004] 265 ITR 312, held that section 40(3)(vi) of the Finance Act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation for its employees. It also provides for exclusion of buildings or part thereof used as a hospital, creche, school, canteen, library, recreational centre, shelter, rest room, etc. According to us, the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation. According to counsel, under section 35(7) of the Act, no amendment under this section shall be made after the expiry of four years. The first order is dated December 23,1994. Petition to recall was filed on May 6, 1997, i.e., within two years and six months. The second order is dated October 18, 2000. We agree with learned counsel for the Revenue that the time taken by the Tribunal to pass ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
