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TMI Blog2013 (11) TMI 406X X X X Extracts X X X X X X X X Extracts X X X X ..... eal, the Assessing Officer has challenged correctness of learned Commissioner of Wealth Tax (Appeals)'s order dated 17th February, 2012, for the assessment year 2004-05. 2. Grievance raised by the Assessing Officer is as follows:- "That on the facts and circumstances of the case, the ld. CIT(A) has erred in law as well as on facts by deleting the addition of value of Rs.4,22,57,410/- in the Net ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd is vacant but integral part of factory, the same cannot be brought to wealth tax. Learned Assessing Officer rejected these submissions and proceeded to bring the value of land to tax. While doing so, the Assessing Officer observed as follows:- "5. The reply of the assessee is not accepted. The assessee has sold a portion of this land during the financial ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the stand so taken by the Assessing officer, assessee carried the matter in appeal. Learned CWT(Appeals) was of the view that the land is indeed being used for factory and commercial purposes, and since the land is being used for factory purposes, it is a productive asset. He further observed that under section 2(e)(a) of the Wealth Tax Act, 1957, any urban land on which building has been construc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s premises as the case may be. The mere fact that a part of land, which is held as factory, is sold by the assesese as a piece of land would not change the character of asset in the hands of the assessee. In other words, there may be situations in which a part of factory land may be sold as 'land' but as long as it is a part of the factory, it cannot have any other character in the hands of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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