TMI Blog2009 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... ish Co. , for the Appellant. Mr. R. Ashokan, for the Respondent. JUDGMENT F.I. REBELLO, J. - Both these Appeals preferred by the assessee raise the following substantial questions of law. Hence both these appeals are being disposed of by this common order. 2. Appeals raise the following substantial questions of law:- "I. Whether on the facts and in law the Hon'ble Tribunal erred in not deciding the issue in the explanations to section 40 of the Finance Act, 1983. II. Whether on the facts and in the law the Hon'ble Tribunal erred in not accepting that the principle business of the appellant is ware-housing which was accepted by the Assessing Officer. III. Whether on facts and in law the Hon'ble Tribunal erred in h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... library, recreational centre, shelter, rest room or lunch room mainly for the welfare of its employees and the land appurtenant to such building or part." 5. From a plain and literal reading of the above sub-section, it is clear that it is only the building or land appurtenant thereto other than building or part thereof used by the assessee for the purpose of his business or as residential accommodation for his employees and the like which would be excluded. If the asset is not used, as in the instant case, but given on lease, then the said asset would be considered for computing net wealth. 6. On behalf of the assessee their learned Counsel draws our attention to the definition of "assets" as contained in Section 2(ea) and the subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l salary of less than two lakh rupees; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him." It is pointed out that from a reading of sub-clause (1) the word house means the building occupied by the assessee for the purpose of any business or profession carried on therein. The business of the assessee it is submitted is of running a warehouse. The said building therefore, would not fall within the expression "asset" for the purpose of computing net wealth. Our attention is also invited to the explanatory notes, to the provisions of Finance Act, 1996. 6. After hearing the learned Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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