https://www.taxtmi.com/caselaws?id=62896 The Tribunal ruled in favor of the assessee, determining that the cinema building should be classified as 'plant and machinery' and thus exempt from wealth-tax under section 40(3)(vi) of the Finance Act, 1983. Additionally, due to the precarious nature of the lease and pending legal proceedings, the property could not be considered an asset under section 2(e) of the Wealth-tax Act. The Tribunal allowed the appeal, concluding that the value of the cinema building should not be included in the assessee's net wealth. en-us Wed, 27 Jan 1993 00:00:00 +0530 Sat, 22 Jan 2011 14:35:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62896 The Tribunal ruled in favor of the assessee, determining that the cinema building should be classified as 'plant and machinery' and thus exempt from wealth-tax under section 40(3)(vi) of the Finance Act, 1983. Additionally, due to the precarious nature of the lease and pending legal proceedings, the property could not be considered an asset under section 2(e) of the Wealth-tax Act. The Tribunal allowed the appeal, concluding that the value of the cinema building should not be included in the assessee's net wealth. Case-Laws Wealth-tax Wed, 27 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62896