2002 (5) TMI 23 - HC - Wealth-tax

Wealth Tax, Exemption - It clearly held that the portion of the building belonging to assessee was in fact used by Dior International for its own use of manufacturing activity and consequently it cannot be said that such portion of building was used by the assessee for the purpose of its own business of manufacturing as factory. Therefore, such portion of the building was rightly included in the wealth of the assessee-company. - This is also not disputed that the petitioner-company had let out that portion of the property to Dior International and that portion was in fact used by the Dior International and not by the assessee. The assessee, is obviously not entitled to receive benefit for that portion.

Summary

The High Court of Delhi upheld the Income-tax Appellate Tribunal's decision that a building portion used by Dior International cannot be considered part of the assessee's manufacturing business, leading to inclusion in the assessee's wealth. The court dismissed the appeal, stating no interference was warranted.