Office Premises Excluded from Net Wealth for Wealth Tax

The Bombay HC upheld the Tribunal's decision that office premises at Maker Chambers III were not part of the assessee's net wealth for wealth-tax purposes, deeming it a business asset despite being leased out. The Court dismissed the appeal, finding no grounds for interference.

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The Bombay High Court ruled that the value of office premises at Maker Chambers III was not includible in the net wealth of the assessee for wealth-tax purposes. The Tribunal found the office premises to be a business asset, even though it was leased out. The Court upheld the Tribunal's decision, stating that no interference was called for. Appeal dismissed.

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