Law:

Section:

Section 3 of the Wealth-tax Act, 1957, read with section 40(3)(vi) of the Finance Act, 1983 - Charge of tax - Companies - Assessment years 1986-87 to 1988-89 - Tribunal held that property let out by assessee-company was not asset exigible to wealth-tax within meaning of section 40(3)(vi) - Whether since factual aspect had not been gone into by Tribunal in full detail, matter had to be remanded to Tribunal to consider all aspects in light of principles of law laid down by Supreme Court in Universal Plast Ltd. v. CIT [1999] 237 ITR 454/ 103 Taxman 493 and decide question whether asset in question was exploited by assessee as business asset or was used by assessee as owner thereof - Held, yes CASE REFERRED TO Universal Plast Ltd. v. CIT [1999] 237 ITR 454/ 103 Taxman 493 (SC) [Para 2]. T. Ravikumar for the Applicant. Philip George for the Respondent. ORDER N.V. Balasubramanian, J. - There are four assessment years involved, viz., 1986-87 to 1989-90 and the common question of law referred to us by the Income-tax Appellate Tribunal reads as under : "Whether on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the property let out by the assessee was not an asset exigible to wealth-tax within the meaning of section 40(3)(vi) of the Finance Act, 1983?" 2. A similar issue arose in another Tax Case No. 93 of 1998 and we have held that the Tribunal should consider the matter afresh in the light of the principles of law laid down by the Supreme Court in Universal…

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