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TMI Blog2019 (4) TMI 1585X X X X Extracts X X X X X X X X Extracts X X X X ..... . We are not making any observations on the merits of the claim of the Assessee here. Therefore, without answering the Substantial Questions of Law as framed above, we set aside the order passed by the learned Tribunal on 15.09.2006 and restore the appeal to the file of Income Tax Appellate Tribunal to consider the same afresh, in accordance with law, within a period of six months for the Assessement Year 1998-1999 only. - T.C.(A).No.986 of 2009 - - - Dated:- 10-4-2019 - Dr. Justice Vineet Kothari And Mr. Justice C.V. Karthikeyan For the Appellant : Mr.R.Venkatnarayanan, Mr.G.R.Vijayaraghavan For the Respondent : Mr.M.Swaminathan Assisted by Ms.S.Premalatha Senior Standing Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art : The Hon'ble High Court clearly held that until and unless the assets were used by the assessee for the purpose of its own business, same were not exempt from wealth-tax and ultimately it was held that factory building was subject to wealth-tax. In any case, we have already held while adjudicating the Revenue's appeal under incometax that the assessee cannot be said to be carrying on business or profession and income has to be assessed as income from other sources. Therefore, respectfully following the decision of the Hon'ble Madras High Court in the case of K.N.Chari Rubber and Plastic P. Ltd. Vs. CWT (Supra), we decide this issue in favour of the Revenue. 13.In the result, the appeal is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion or by any other name) or a Contonment Board, but does not include- (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than five lakh rupees; (2) any house for residential or commercial purposes which forms part of stock-in-trade. (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him; (4) any residential property that has been let-out for a minimum period of three hundred days in the previous year; (5) any property in the nature of commercial establis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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