Case Law Details
Dongfang Electric (India) P Ltd Vs DCWT (ITAT Kolkata)
Assets deployed for service activities are treated as productive assets and accordingly the construction / set up of office and service centre by the assessee and used as such for its business purposes would be outside the ambit of wealth tax in the same manner in which the factory structure or manufacturing establishment is excluded and the beneath land on which such structure to come should have the same wealth tax treatment.
From the aforesaid details, it could be conclusively proved that the asses see had used the land only for its business purposes by constructing a building in the subject mentioned land and is carrying on its regular business from the said premises. Hence we hold that the land was used by the assessee only for its business purposes.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
1. This appeal is directed against the order passed by the Learned Commissioner of Wealth Tax (Appeals) -4, Kolkata [ in short the ld CWTA] in WTA No. 1632/C WT(A)-6/Circle- 10(1)/Kol/14- 15 dated 5.10.2016 against the order of assessment framed by the Learned Deputy Commissioner of Wealth Tax, Circle -10, Kolkata [ in short the ld AO] u/s 17/16(5) of the Wealth Tax Act, 1957 [hereinafter referred to as the ‘Act’] dated 12.12.2014 for the Asst Year 2009-10.
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