Commercial / Industrial properties cannot be assessed to Wealth tax

Brief Facts of the Case The assessee company derived rental income of Rs.68,94,644/- in respect of its property situated at GIDC Estate, survey No.434/1 and 982 by leasing the same to its associate concern M/s. Patel Alloy Steel Pvt.ltd. The A.O. was of the view that since the assessee was using its building for commercial purposes, the same was liable to be assessed under Wealth Tax Law. He computed value thereof as Rs.7,32,55,588/- as per Rent Capitalization under schedule-III/B of the Act, deducted basic exemption of Rs.15 lacs and computed the taxable wealth under the provisions of the ...