9911796707
TMI Blog1982 (4) TMI 200X X X X Extracts X X X X X X X X Extracts X X X X ..... tes to the question of treatment to be accorded to properties standing in the name of Vijayakumar Cotton Press for purpose of additional wealth tax,. If these are used for the business of the assessee, it will not be liable for additional wealth-tax. There is no dispute about this legal position. Because it was partly let out and such rental income was subjected to tax as income from property, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refully considered the facts and arguments presented before us. We do not think we will be justified in assuming that the properties should be made liable to additional wealth-tax merely because the income there from was assessed or is assessable as income from a property for income-tax purposes. Supreme Court in East India Housing Land Development Trust Ltd. vs. CIT (1961) 42 ITR 49(SC) ruled e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee we will, therefore consider the question on the basis of facts relating to the year. 4. The entire premises are in a compound which consists of ginning press and godowns. During the years under consideration the ginning press was working and the assessee has received winnowing charges in the neighbourhood of 60-70 thousands for the first three years and 1.5 lakhs for the fourth year. Godow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s business premises. It was not as though any particular buildings or part of building was given in these years exclusively to any single customer either on the basis of tenancy agreement or lease so as to convert the premises into one used as to convert the premises into one used as property by a property owner and not as an asset of business. Hence on the facts which are a matter of record and o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d part outside 8 Kms of the city limits and the consideration applicable for one part may not be applicable for another. The assessee has an alternative argument on the basis that part of it is used for business Premises and that there is no case for levy for additional wealth-tax on the part used for business. In view of these additional question we are of the opinion that the entire dispute shou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
