TMI Blog2018 (10) TMI 749X X X X Extracts X X X X X X X X Extracts X X X X ..... ns but that does not mean that the property has lost its character. Hence, we are satisfied that it is in the nature of commercial establishment, and the exclusion provided in section 2(ea)(i)(3) would be applicable. Therefore, we see no reason to interfere with the order of the CIT (A) which is on similar lines. - Decided against revenue. - WTA Nos.83 And 84/Hyd/2017 - - - Dated:- 10-10-2018 - Smt. P. Madhavi Devi, Judicial Member And Shri S.Rifaur Rahman, Accountant Member For The Revenue : Shri R. Mohan Reddy, DR For The Assessee : Shri P. Murali Mohana Rao ORDER Per Smt. P. Madhavi Devi, J.M. Both are Revenue s appeals for the A.Y 2007-08 and 2008-09 against the order of the CIT (A)-1, Hyderabad, dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO, however, was not convinced and asked the assessee to produce copies of the Annual Report of the Company for the financial year 2006-07 to 2010-11, copy of the sale deed for the land and building and copies of the permissions received from the local authorities for running the commercial establishment in the said property and the status of the project being carried out on the said property at that point of time. 4. In response to the said notices, the assessee filed letter dated 10.08.2011 furnishing the relevant material and sating that there is no activity being carried out on the said property as on the date, due to lack of business opportunity/permission and financial condition and that the asset purchased by the assessee is an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken all these contentions of the assessee into consideration to hold as under: 5.4. The appellant has submitted before the AO that it was a commercial property and it was intended to make a commercial enterprise along with the other purchasers. However, since it was in residential area appellant could not set up commercial activity in the property. The contention of the AO is that the property has not been turned/used as commercial property. In absence of proof by the appellant regarding the nature of use of the property, the AO has taken it as a wealth. However, it is seen that property has been purchased along with other business entities for making out commercial venture. The appellant company is in business of real estate. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and levy wealth-tax on such commercial properties . Thus, according to the learned DR, since the asset was not commercially used during the relevant A.Ys, it is exigible to Wealth Tax Act. 9. The learned Counsel for the assessee, on the other hand, placed reliance upon the following decisions: 1. ITAT Kolkata in the case of WTO vs. Ferrolite Products Ltd reported in 55 Taxmann.com 285 2. ITAT Pune in the case of Satvinder Singh vs. DCWT reported in (2007)109 ITD 241 (Pune) 3. Hon'ble Gujarat High Court in the case of CIT vs. Vasumatiben Chhaganlal Virani reported in 37 Taxmann.com 216. 4. ITAT Mumbai in the case of DCIT vs. Sumant G. Naik reported in 34 Taxmann.com 259. 10. Having gone through these j ..... X X X X Extracts X X X X X X X X Extracts X X X X
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