9911796707
TMI Blog2002 (11) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment years involved, viz., 1986-87 to 1989-90, and the common question of law referred to us by the Income-tax Appellate Tribunal reads as under: "Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the property let out by the assessee was not an asset exigible to wealth-tax within the meaning of section 40(3)(vi) of the Finance Act, 198 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... spects of the matter and then decide the question whether the asset was exploited by the assessee as a business asset or was used by the assessee as an owner thereof in the light of the principles laid down by the Supreme Court in Universal Plast Ltd. v. CIT [1999] 237 ITR 454. Since the factual aspect has not been gone into by the Tribunal in full detail, we are of the opinion that this matter al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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