9911796707
TMI Blog2018 (9) TMI 1422X X X X Extracts X X X X X X X X Extracts X X X X ..... t") dated 30.03.2015 for the Assessment Year 2011-12. 2. The only issue to be decided in this appeal is as to whether the ld CWTA was justified in deleting the addition to net wealth of Rs. 23,62,43,375/- in respect of two warehouses in the facts and circumstances of the case. 3. The brief facts of this appeal are that the assessee is a private limited company engaged in the business of warehousing, transportation, container yard, tanker washing & repairing, offshore & C&F agency during the period under consideration. The assessee filed its return of wealth for the Asst Year 2011-12 on 3.2.2012 declaring net wealth of Rs. 57,91,335/-. The ld AO observed that on scrutiny of assessment records, it revealed that the assessee owned two wareho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Satvinder Singh vs CWT reported in 109 ITD 241 wherein it was held that the word 'Commercial' means something that is used in or is related to a business or a trade. 'Commercial' means relating to, engaged in, or used for commerce. The word 'establishment' means an organization, building, construction, shop, store, concern or corporation. Thus, 'commercial establishment' means some kind of place or building or shop or store where business or trade is carried on. The word 'complex; means composite, compounded, multiple, manifold, multi-complex or something comprised of or made of many inter-related parts, for example, a multipurpose building. Thus, the words 'commercial complex' mean the commercial multi purpose building comprised and mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs Hind Ceramics Pvt Limited in WTA Nos. 42 & 43 (Kol) of 2010 dated 7.1.2011 among other decisions. 5. The ld CITA appreciated the contentions of the assessee and on perusal of the agreements and the decision of this tribunal held that the warehouse owned by the assessee falls under the exclusion clause of section 2(ea)(i) (5) of the Act and accordingly the same is not liable for wealth tax. He held that there is no dispute to the fact that a part of the warehouse is used by the assessee for its own business purposes and part of warehouse has been let out by the assessee, out of which, the assessee had derived rental charges. The lessees are using the warehouse for commercial purposes. Aggrieved, the revenue is in appeal before us on the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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