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TMI Blog2015 (11) TMI 1189X X X X Extracts X X X X X X X X Extracts X X X X ..... property both for his residence as well as for business purpose of the Assessee. These facts were not disputed by the WTO. The absence of trade license considering the nature of services rendered by Mr.Mukherjee in our view will not be very material. - The fact that the land is described as “Sali land” in the sale deed which was already available on record is not disputed by the Revenue. The evidence of payment of land revenue only supports the document already on record. Besides the above, the WTO did not agree with the stand of the Assessee mainly on the basis that in the past the land in question was considered as “Asset”. In our view therefore the conclusions of the CWT(A) therefore cannot be said to be erroneous or based only on the ev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ereto (hereinafter referred to as house ), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometers from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include - (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole time employment, having a gross annual salary of less than five lakh rupees; (2) any house for residential or commercial purposes which forms part of stock in trade; (3) any house which the assessee may occ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sset which can be included while computing the Net Wealth of the Assessee. 7. The WTO did not accept the plea of the Assessee He was of the view that the evidence produced by the Assessee did not show that the Assessee actually carried on business transaction with other parties. The WTO was also of the view that the Assessee did not have a trade license to carry on business in Mumbai. The WTO therefore held that the property in Mumbai was not used for business activities and therefore it was sset which has to be included while computing the Net Wealth of the Assessee. 8. On appeal by the Assessee the CWT(A) held that the property was used for the purpose of business of the Assessee and that there was no requirement of obtaining ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessee at Mumbai. The payment of salary to Mr.Mukherjee and his correspondence and reports on various business information obtained from Mumbai and sent to Kolkata have not been disputed by the WTO. The payment of conveyance expenses and salary to Mr.Mukherjee showed that he rendered services to the Assessee at Mumbai. Mr.Mukherjee was using the Mumbai property both for his residence as well as for business purpose of the Assessee. These facts were not disputed by the WTO. The absence of trade license considering the nature of services rendered by Mr.Mukherjee in our view will not be very material. The only grievance of the revenue is that the contract notes evidencing sale of shares by the Assessee through a broker at Mumbai was n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me to the conclusion that the land in question was not rban Land and therefore was not asset for the purpose of levy of wealth Tax. 15. Before us the only grievance of the revenue as submitted by the learned DR and as projected in the grounds of appeal, is that the documentary evidence in the form of sale deed in respect of the property and evidence of payment of land revenue was not confronted to the WTO by the CWT(A). In our view there cannot be any grievance to the Revenue in this regard. The fat that the land is described as Sali land in the sale deed which was already available on record is not disputed by the Revenue. The evidence of payment of land revenue only supports the document already on record. Besides the above, the WT ..... X X X X Extracts X X X X X X X X Extracts X X X X
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