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TMI Blog2019 (1) TMI 479X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondent P.C.: 1. These appeals arise out of the common background. We may refer the facts from Wealth Tax Appeal No. 516 of 2016. 2. Wealth Tax Appeal No. 516 of 2016 is preferred by the revenue challenging the judgment of the Income Tax Appellate Tribunal ("Tribunal" for short) dated 8.7.2015. Following questions are presented for our consideration:- "(a) Whether on the facts and circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on to be eligible for commercial complex as well as assets to be exempted, as laid down in Section 2(ea)(i)(5) of the Wealth Tax Act?" 3. The respondent - assessee is an individual. The issue pertains to her wealth tax return for the assessment year 2010-11 and revolves around interpretation of Section 2(ea) of the Wealth Tax Act, 1957 ("the Act" for short) defining the term "assets". 4. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the view of the appellate authority and dismissed the revenue's appeal. The Tribunal referred to and relied upon a decision of the Division Bench of Gujrat High Court in the case of CIT, Rajkot-II Vs. Vasumatiben Chhaganlal Virani [2013[ 37 taxmann.com 216 (Gujarat) and rejected the revenue's contention. 6. Section 2(ea) of the Act defines the term "assets"; as per clause (i) in relation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t or complex, this exclusion clause would apply. This exclusion clause nowhere requires that to fall within this exception, the property in question must have multiple units in the nature of commercial establishments. The revenue's stress on the word "establishments" used in plural, is not quite acceptable. The term "commercial establishments" is used to exclude all commercial establishments a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take effect. On both counts thus contention of the Revenue cannot be accepted. It is significant to note that exception sub-clause (3) of clause (i) of section 2(ea) pertains to any house which the assessee may occupy for the purposes of any business or profession carried on by him. Thus whenever legislature desired that exclusion may apply only if property is self occupied, it was so provided. Si ..... X X X X Extracts X X X X X X X X Extracts X X X X
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