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TMI Blog2011 (7) TMI 229X X X X Extracts X X X X X X X X Extracts X X X X ..... & Gains of Business or Profession”, which was also accepted by the AO - . Even when the CIT (A) while discussing the case of the assessee under the Wealth Tax Act had opined that the case of the assessee under Income Tax Act be reopened, no such steps were taken by the AO under the provisions of the Act which shows that the assessments under the Act had become final - it is clear that not only in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n held by the assessee is use for business purposes, it would be exempt from the wealth tax. 2. The assessee had been allocated land in question at Plot No.14/6, Site-IV, Sahibabad Industrial Area, Ghaziabad on 99 years lease by Uttar Pradesh State Industrial Corporation for its business. The Wealth Tax Officer denied the exemption under the aforesaid provision and subjected the property to We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has, as noticed above, accepted the appeal of the assessee holding that the assessee had been doing the business in the form of aforesaid job work and therefore, the property in question would be exempt from the Wealth Tax, as per Section 2(ea) of the Wealth Tax Act, which defines asset and specifically excludes the asset occupied by the assessee for the purpose of any business or profession ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essment under Section 143(3) of the Act had been made wherein the assessee‟s claim of depreciation on the building @10% on Written Down Value had been allowed. As mentioned above, in these Assessment Years, the assessee had shown income under the head Profits Gains of Business or Profession , which was also accepted by the AO. Even when the CIT (A) while discussing the case of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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