2009 (2) TMI 51

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 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 holding that merely because the rental income derived therefrom was shown under the head "Income from House Property", it becomes the asset of the appellant?" The assessee is in the business of ware-housing.  These appeals are in respect of the order passed in respect of assessment year 1997-98 and 1998-99. 3. There were two appeals before the Appellate Tribunal being W.T.A. 257 and 258 of 2004 for the assessment years 1997-98 and 1998-99. The learned Tribunal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....set 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 substitution by the Finance Act, 1996 with effect from 1st April, 1997. The definition of assets as amended reads as under:- "(ea) in relation to the assessment year commencing on the 1st day of April. 1993, or any subsequent assessment year, means— (i) any guest house and any residential house (including a farm house situated within twenty five kilometres from the local limits of any municipality (whether known as a municipality, municipal corporation, notified area committ....