TMI Blog2012 (8) TMI 1140X X X X Extracts X X X X X X X X Extracts X X X X ..... he common issues are involved in all the appeals, therefore, for the sake of convenience, same are being disposed of by this consolidated order. For the sake of ready reference, grounds of appeal for the assessment year 2003-2004 is reproduced herein below:- 1. Whether on the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in not appreciating the fact that assessee s rented property assets of `.2,84,83,655/- are covered under the provisions of Sec.2(ea)(i). 2. Whether on the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in directing AO to adopt the value as commercial property u/s 2(ea)(i)(5), ignoring the fact that the assessee s rented property is covered by provision of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n and observed that the assessee is owner of the two blocks i.e. 403 and 404 in Madhava Building, Bandra (E), which was given on rent to M/s Apara Enterprises from 16-8-2001 and had also received interest free deposits. Therefore, the said property was given on rent to M/s ITS Clearing House (I) Ltd.. Further, while computing the income, the assessee had shown this income under the head income from house property and was assessed to tax. Thus, he concluded that as per the provisions of Section 2(ea) of Wealth Tax Act, each commercial properties were not used by the assessee for own business purposes . Accordingly, he assessed the properties at net maintainable rent for the wealth tax purposes and made the assessment at `.2,84,83,655/- as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand, learned counsel for the assessee relied upon the findings of the CIT(A) and also the following decision :- i) Satvinder Singh Vs. DCIT, 109 ITD 241; ii) CIT Vs. Gujarat State Petroleum Crop. Ltd., WTA No.684 685/Ahd. Of 2010, vide dated 16-8-2011. 8. We have carefully considered the rival submissions and also findings given by the authorities below. From the facts given above, it is undisputed fact that the two units which are subject matter of the wealth tax herein this appeal, were part of Madhava Building, which were purely a commercial establishment or complex. The said property was given on rent. The definition of asset given in Section 2(ea)(i) read with sub clause 3 5, is as under :- (ea) assets in relat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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