TMI Blog2019 (5) TMI 442X X X X Extracts X X X X X X X X Extracts X X X X ..... :- Issue decided in favour of the Assessee by a Coordinate Bench of this Court under the Income Tax Act and also under the Wealth Tax Act. Under the Income Tax Act in Commissioner of Income Tax v. Carborandum Universal Ltd . (present Assessee) [ 1997 (10) TMI 11 - MADRAS HIGH COURT] and under the Wealth Tax Act in Carborandum Universal Ltd. v. Deputy Commissioner of Income Tax , [ 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als filed by the Assessee came to be dismissed. 2. These Appeals filed by the Assessee were admitted by a Coordinate Bench of this Court on 21.04.2009/08.12.2009 on the following Substantial Questions of Law : ''1. Whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the Transit House is assessable under Wealth Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... House' fell within the definition of 'Assets', as defined in Section 2 (ea) of the Wealth Tax Act,1957, and was assessable to Wealth Tax or not ? 4. The learned Tribunal disposed of the Appeals filed by the Assessee only following its earlier decision in the case of Assessee itself in W.T.A.Nos.156,157 158(Mds)/97, dated 23.02.2004. 5. Learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unsel has relied upon the decisions of Madras High Court in Salem Co http:// operative Sugar Mills v. Commissioner of Income Tax , (1999) 240 ITR 910, and Binny Ltd. v. Assistant Commissioner of Wealth Tax , (2010) 324 ITR 34; a decision of Karnataka High Court in Commissioner of Income Tax v. IBM India Ltd ., (2010) 326 ITR 170; and a decision of Delhi High Court in Purolator India Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X
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