https://www.taxtmi.com/caselaws?id=70070 The Tribunal upheld the order of the AAC, dismissing the revenue's appeal. It held that the business premises held by the firm, in which the assessee was a partner, were not subject to additional wealth-tax as they were considered business premises exempt from such tax under the Wealth-tax Act. The Tribunal emphasized that the interest of the partner in the business premises, even if deemed an urban asset, would still be exempt from additional tax as it was utilized for business purposes. en-us Fri, 18 Sep 1981 00:00:00 +0530 Thu, 14 Apr 2011 11:14:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70070 The Tribunal upheld the order of the AAC, dismissing the revenue's appeal. It held that the business premises held by the firm, in which the assessee was a partner, were not subject to additional wealth-tax as they were considered business premises exempt from such tax under the Wealth-tax Act. The Tribunal emphasized that the interest of the partner in the business premises, even if deemed an urban asset, would still be exempt from additional tax as it was utilized for business purposes. Case-Laws Income Tax Fri, 18 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70070