Home Highlights October 2013 Year 2013 This

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1. Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

2. Inclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax is not to be levied on productive assets - AT

3. Premises in question being an office let out would not fall in the category of commercial establishment or complex as per the provisions of sec. 2(ea)(i)(5) and...

4. Inclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - value of aircraft, which is used in the assessee’s business, cannot be included in...

5. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

6. Warehouse utilized for business purposes by the assessee hence exempt u/s 2(ea)(i)(3) of the Wealth Tax Act - AT

7. Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

8. Scope of Assets u/s 2(ea) of Wealth Tax Act, 1957 - inclusion of residential building let out and only for brief period the property was vacant - Letting out period is...

9. Wealth-tax is not levied on productive assets, and in view of that logic, it was proposed that wealth-tax would not be levied on such residential property that has been...

10. MAT - Addition regarding wealth tax liability under the provisions of section 115JB treating the provision for wealth tax as unascertained liability - wealth tax...

11. Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Section 21AA has been introduced in order to prevent tax evasion - The Bangalore Club is...

12. Whether property leased out is not assessable to wealth-tax - certainly the assessee is entitled to the exemption, because the same is used in leasing business - HC

13. Correct head of income - The same land when assessee in case, decided to continue with the film production, will be used for the assessee’s business as business asset....

14. Wealth Tax - The mere fact that there is land and building owned by the company and it is not used for the purposes of business is sufficient to hold that these assets...

15. Jurisdiction - power of respondent to seal the business premises - proper authorization - access to the business premises was not denied by the petitioner - Revenue...