Law:

Section:

Wealth tax-----Exemption---Business asset---Building used as a commercial asset---Value of building not includible in net wealth---Indian Wealth Tax Act, 1957. Held, that the Tribunal on the facts had come to the conclusion that the property was a business asset. Merely because the property had been leased out for five years, it did not change the commercial character of the asset. Moreover, the returns filed by the assessee right, from the assessment year 1985-86 clearly indicated that even under the Income Tax Act, 1961, the assessee had been given the benefit of depreciation and the income received by the assessed had been treated as income from business. Hence, the value of the property was not includible in the net wealth of the assessee. JUDGMENT The short point which arises for consideration in this appeal is whether value of the property consisting of office premises at Maker Chambers III at Nariman Point was includible in the net wealth of the assessee. The Tribunal, on…

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