2002 (6) TMI 25

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..... perty on the ground that the same was used for guest house and business premise?" - we are of the opinion that the Tribunal has rightly excluded the value of the property from the net wealth of the assessee. We, therefore, answer the above question in the affirmative, i.e., in favour of the assessee and against the Revenue. - - - - - Dated:- 27-6-2002 - Judge(s) : M. S. SHAH., K. A. PUJ. JU .....

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..... t be included in the net wealth of the assessee. The Wealth-tax Officer did not accept this contention and included the value thereof in the computation of the net wealth of the assessee. On appeal, the Commissioner of Wealth-tax (Appeals) had upheld the order of the Wealth-tax Officer and on further appeal by the assessee before the Tribunal, the Tribunal has observed that in the income-tax proce .....

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..... ss in the income-tax proceedings by the Income-tax Officer himself, the same property could not have been treated differently in the wealth-tax proceedings. If the property is being used for business purposes and it is accepted to be so in the income-tax proceedings, similar treatment is to be given in the wealth-tax proceedings and as such in the wealth-tax proceedings, the value thereof cannot b .....

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