9911796707
TMI Blog2004 (9) TMI 17X X X X Extracts X X X X X X X X Extracts X X X X ..... rroneous and against the statute - question has to be answered in the negative, in favour of the Revenue and against the assessee X X X X Extracts X X X X X X X X Extracts X X X X ..... as been used by the assessee for office purpose of its business is only excluded from the inclusion of wealth-tax valuation, but the facts of the assessee's case is that a portion of the basement has been let out to the Indian Bank on long term lease, and when the property has been leased out and income has been derived, automatically the property would come out of exemption under section 40 of the Finance Act, 1983 and as such the Tribunal erred in granting relief in favour of the assessee. Learned counsel for the Revenue further contended that the reliance of the order of the Tribunal in the case of Varadaraja Theatres (P) Ltd. v. WTO [1989] 29 ITD 29 for coming to the conclusion that no part of the assets of the assessee company in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such companies. Clauses (v) and (vi) read thus: "40(3)(v) land other than agricultural land; (vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, hotel or office for the purposes of its business or as residential accommodation for its employees or as a hospital, creche, school, canteen, library, recreational centre, shelter, rest room or lunch room mainly for the welfare of its employees and the land appurtenant to such building or part: Provided that each such employee is an employee whose income (exclusive of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head 'Salaries' under the Income-tax Act does n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me from the same is assessed under the Income-tax Act as "income from house property". The portion under the possession of the assessee has been exempted. In the above said facts, we are of the view that the Tribunal has committed a grave error in reversing the order of the Assessing Officer by granting the relief which is erroneous and against the statute. Useful reference can be had to the decision of this court in K.N. Chari Rubber and Plastics P. Ltd. v. CWT [2003] 260 ITR 164. The earlier decision in CWT v. Tirupur Sri Meenakshi Sundaresivarar Finance Ltd. [2003] 262 ITR 129 (Mad) relied on by Mr. R. Meenakshi sundaram, learned counsel for the assessee, for the purpose of remitting the matter to the Tribunal is not applicable to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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