https://www.taxtmi.com/caselaws?id=64975 The Appellate Tribunal upheld the decision of the Commissioner of Wealth-tax (Appeals) in a case concerning the interpretation of the term 'used as a factory' under section 40(3)(vi) of the Finance Act, 1983. The Tribunal ruled that even passive use of a building under construction for factory purposes fulfills the conditions for exclusion from wealth tax assessment. Emphasizing the importance of readiness to commence business, the Tribunal referenced judicial precedents to support its decision. The appeal was dismissed, affirming that the construction process itself signifies the asset's use as a factory, thereby excluding it from wealth tax liability. en-us Tue, 15 Dec 1992 00:00:00 +0530 Fri, 11 Feb 2011 14:09:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64975 The Appellate Tribunal upheld the decision of the Commissioner of Wealth-tax (Appeals) in a case concerning the interpretation of the term 'used as a factory' under section 40(3)(vi) of the Finance Act, 1983. The Tribunal ruled that even passive use of a building under construction for factory purposes fulfills the conditions for exclusion from wealth tax assessment. Emphasizing the importance of readiness to commence business, the Tribunal referenced judicial precedents to support its decision. The appeal was dismissed, affirming that the construction process itself signifies the asset's use as a factory, thereby excluding it from wealth tax liability. Case-Laws Income Tax Tue, 15 Dec 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64975