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TMI Blog2012 (9) TMI 948X X X X Extracts X X X X X X X X Extracts X X X X ..... wroom at Nagpur as being used for commercial purpose whereas the assessee has been receiving rent from the properties situated at Bahadurgarh (UPC) & Bahadurgarh (Emkay) because these properties had been leased out to M/s. Marino Panel Products Ltd and the showroom at Nagpur had also been let out." 3. The brief facts of this issue are that while doing the scrutiny assessment u/s 16(3)/17 of the W.T.Act, 1957 the AO included an amount of ₹ 28,66,913/- under the net wealth of the assessee for the year ending 31.03.2004 by observing as under :- "Assessee has office space having area 11490 Sq.ft. at Mumbai. Out of this 3269 Sq.ft. area was let out and remaining was used as their own office. The cost of the office space as on 31.03.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cordingly the addition of the value of these assets made by the A.O is deleted. The appellant will get necessary relief accordingly." 3.2. Aggrieved by this the revenue is in appeal before us. 4. At the time of hearing the ld. DR appearing on behalf of the revenue has relied on the orders of AO and contended that since the assessee is not using the said property for its own commercial purposes the view of the AO may be upheld. 5. On the other hand, the ld. Counsel appearing on behalf of assessee has relied on the orders of ld. CIT(A) and further reiterated that provision of section 2(ea) has not specified that the assessee himself has to use the said property for its commercial purposes. Therefore, he requested to upheld the action of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ………………………………………………………………….
(5) any property in the nature of commercial establishments or complexes;"
6.1. On careful perusal of the above, we are of the view that since the act has not specified that the assessee himself has to use the said property in order to get exemption u/s 2(ea) of the WT Act we find no infirmity in the orders of ld. CIT(A) to be interfered with. Therefore, we confirm the same and dismiss the revenue's appeal.
7. In the result the appeals of the revenue are dismissed.
Order pronounced in the open court on 10.09.2012. X X X X Extracts X X X X X X X X Extracts X X X X
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