2009 (7) TMI 73 - HC - Wealth-tax

Valuation of assets Exemption from wealth tax - Admittedly, the property has been used for offices, banks and garages. The assessing officer although initiated a reassessment proceeding, but held that the property-in-question has been in the nature of commercial establishment or complex. Held that - the tribunal did not committed any substantial error of law in holding that the property in the nature of commercial establishment fell outside the definition of asset for the purpose of Wealth Tax Act revenue appeal dismissed.

Summary

The High Court of Calcutta found that a property used for commercial purposes but not as a commercial establishment is exempt from wealth tax as per an amendment in the Wealth Tax Act, 1957. The court dismissed the appeal as it upheld the tribunal's decision that the property did not qualify as an asset for wealth tax purposes.