Home Highlights April 2016 Year 2016 This

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1. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

2. Business premises let out - Whether assessable as assets under section 2(ea) of Wealth tax or not - premises were not covered by exclusions provided under section 2(ea)(i) - AT

3. Valuation of property - Section 2(ea) of Wealth Tax Act, 1957 - whether security taken for lease of asset would be treated as debt - held No - AT

4. Incomplete building neither falls within the definition of a building, u/s 2(ea), nor within the purview of urban land - Not liable to Wealth Tax

5. Exemption u/s. 2(ea) of the WT Act - even if the property is utilized for commercial purposes by the tenant, still it is outside the ambit of wealth tax and assessee...

6. Inclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - value of aircraft, which is used in the assessee’s business, cannot be included in...

7. Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

8. Inclusion of Agricultural lands for the purpose of wealth tax - Once the lands are classified as agricultural lands, in the revenue records of Government and used for...

9. Wealth Tax - The mere fact that there is land and building owned by the company and it is not used for the purposes of business is sufficient to hold that these assets...

10. Taxability to wealth tax - land is agricultural land in the revenue record and has been used for agricultural purposes thus proviso to Section 2(ea)(b) would be...