Immovable properties used primarily for business purpose cannot be taxed under the Wealth Tax Act

CIT Vs Gujarat State Petroleum Corporation Ltd. (Ahmedabad High Court)– In the instant case, the assessee-company has let out only a very small portion (i.e. less than 10%) of its office premises to the Directorate of Petroleum. Department of Energy and Petrochemicals and that too under directions from the Government. The main purpose of this arrangement was to have, close liaison with the Directorate of Petroleum, Department of Energy and Petrochemicals in its day-to-day business liability. The decision of the Honourable Bombay High Court in the case of Anand Estate Pvt. Ltd. (supra)...