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2019 (1) TMI 479 - BOMBAY HIGH COURTInterpretation of Section 2(ea) of the Wealth Tax Act, 1957 defining the term “assets” - single unit cannot be excluded since in the exception clause, the word used is “commercial establishments” as in plural - Held that:- Any property in the nature of commercial establishments or complexes would be excluded from the definition of term “assets” even if otherwise it falls under clause (i) of the said definition clause. Thus, as long as the property in question is a commercial establishment or complex, this exclusion clause would apply. This exclusion clause nowhere requires that to fall within this exception, the property in question must have multiple units in the nature of commercial establishments. The revenue's stress on the word “establishments” used in plural, is not quite acceptable. The term “commercial establishments” is used to exclude all commercial establishments and is not meant to restrict the application of exclusion clause only to commercial establishments which have multiple units.
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