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TMI Blog2009 (2) TMI 51X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Finance Act, 1983. II. Whether on the facts and in the law the Hon'ble Tribunal erred in not accepting that the principle business of the appellant is ware-housing which was accepted by the Assessing Officer. III. Whether on facts and in law the Hon'ble Tribunal erred in holding that merely because the rental income derived therefrom was shown under the head "Income from House Property", it becomes the asset of the appellant?" The assessee is in the business of ware-housing. These appeals are in respect of the order passed in respect of assessment year 1997-98 and 1998-99. 3. There were two appeals before the Appellate Tribunal being W.T.A. 257 and 258 of 2004 for the assessment years 1997-98 and 1998-99. The learned Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sset is not used, as in the instant case, but given on lease, then the said asset would be considered for computing net wealth. 6. On behalf of the assessee their learned Counsel draws our attention to the definition of "assets" as contained in Section 2(ea) and the substitution by the Finance Act, 1996 with effect from 1st April, 1997. The definition of assets as amended reads as under:- "(ea) in relation to the assessment year commencing on the 1st day of April. 1993, or any subsequent assessment year, means— (i) any guest house and any residential house (including a farm house situated within twenty five kilometres from the local limits of any municipality (whether known as a municipality, municipal corporation, notified area committe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... house. The said building therefore, would not fall within the expression "asset" for the purpose of computing net wealth. Our attention is also invited to the explanatory notes, to the provisions of Finance Act, 1996. 6. After hearing the learned Counsel, we are clearly of the opinion that the substitution of definition of "asset" by Finance Act 2 of 1996 with effect from 1st April, 1997, would be inapplicable in so far as the assessee is concerned. The Wealth Tax Act itself has treated a closely held company differently from other assessees for the purpose of the Wealth Tax. Once there be a specific provision in so far as closely held company is concerned which deals with the expression "asset" then the general definition would be e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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