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Let-out Commercial Property is not to be considered as Asset for Wealth Tax purposes
Case Law Details
- Case Name
- D.C.I.T. Vs M/s. Kothari Metals Ltd., (Kolkata ITAT)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2005-06
- Courts
- All ITAT, ITAT Kolkata
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CA Kanhaiya Kumar Agarwal
Brief Facts of the Case and Question of Law:
Brief Facts
The Assessing Officer while computing the total wealth of the assessee added the value of the let-out properties i.e. godown and offices in the total wealth of the assessee for the purpose of calculating the wealth-tax. The assessee claimed that the let-out properties are not assets within the meaning of section 2(ea) of the Wealth Tax Act. The Assessing Officer did not agree. The assessee went in appeal before the CIT(Appeals) and the CIT(Appeals) deleted the addition after verifying and noting that the assess...
