TMI Blog2018 (5) TMI 1705X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, it has to be construed as if the property was residential one and self-occupied. Therefore, the Thiruvanmiyur property is exempted from wealth-tax. Coming to the Kodaikanal property, the Ld. Sr. counsel very fairly submitted that it can be subject matter of wealth-tax assessment. Therefore, the Assessing Officer may assess the value of Kodaikanal property for wealth-tax, after valuing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the assessee, submitted that the assessee is a medical practitioner. According to the Ld. Sr. counsel, the assessee was having a residential house at Seaward Road, Valmiki Nagar, Thiruvanmiyur, Chennai. The assessee was, in fact, having 1/3rd share in the property. However, Valuation Officer of the Department claims that the assessee is having 1/4th share in the property for the reasons best k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d any income. According to the Ld. Sr. counsel, earning of income is immaterial for the purpose of Wealth-tax Act. What is to be seen is whether the premises was used for the assessee s profession. The Ld. Sr. counsel also submitted that in the case of Advocate / Chartered Accountant / medical profession, a part of the house may be used for profession. The Assessing Officer rejected the claim of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied and the Thiruvanmiyur property was used for his medical profession. Now the assessee claims before this Tribunal that the Thiruvanmiyur property can be taken as self-occupied and the Kodaikanal property can be assessed for wealth-tax. This Tribunal is of the considered opinion that when the assessee resided at Thiruvanmiyur house and used the premises for his medical profession, it has to be c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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