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TMI Blog2013 (9) TMI 957X X X X Extracts X X X X X X X X Extracts X X X X ..... commercial establishments or complexes" as per explanation 5(i) of section 2(ea) of the Wealth Tax Act, thereby directing the A.O. to exclude the value of the said property of Rs.61,58,250/- from the net wealth of the appellant?" 2. Brief facts of the case are that respondent assessee had taken a house property from one Jasbir Kaur on rent. In such rented premises, the assessee developed a commercial establishment by providing facilities such as furniture, telephone lines, air conditioners office appliances, man power, etc. The assessee thereafter, sub-rented the said property as a developed office with commercial facilities to M/s. Zepplin System India Pvt. Ltd. 3. The Assessing Officer was of the opinion that such property would form pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issed. 4. Before us learned counsel Shri Prashant Desai vehemently contended that basically the property in question was a house property and would therefore, be covered under clause (i) of section 2(ea) of the Wealth Tax Act. He submitted that exclusion sub-clause (5) of clause(i) of section 2(ea) of the Wealth Tax Act would not apply since it is debatable whether a house property can be treated as commercial establishment and further when the assessee herself is not occupying the said property, benefit of such exclusion would not be available to her. 5. We are however, of the opinion that Appellate Commissioner as well as the Tribunal have examined the facts in light of statutory provisions and have come to correct conclusion. To reiter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that since the property does not belong to her as per section 4 of the Wealth Tax Act, same cannot form part of her assets. However, since the Commissioner (Appeals) as well as Tribunal both have centered their focus only on alternative legal contention, we have examine the same without concerning ourselves with the first contention of the assessee. 8. To our mind sub-clause(5) of clause(i) of section 2(ea) nowhere requires that a commercial establishment or a complex cannot be established in a house property. It only provides that any property in the nature of commercial establishment or complexes shall be excluded from the term 'assets' as defined in clause(i) of section 2(ea). Further that it nowhere provides that only if such commer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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