No Wealth Tax on Commercial Asset which is Capable of being put to Productive Use

M/s. Chavva Estates Private Vs Wealth Tax Officer (ITAT Hyderabad) We find that as long as the assessee owns the commercial asset, which is capable of being put to productive use, the said commercial asset is not exigible to Wealth Tax. In this case, the assessee along with two other companies owns the theatre but could not run the theatre due to various reasons but that does not mean that the property has lost its character. Hence, we are satisfied that it is in the nature of commercial establishment, and the exclusion provided in section 2(ea)(i)(3) would be applicable. FULL TEXT OF THE ITA...