https://www.taxtmi.com/caselaws?id=211697 The Tribunal upheld that the commercial asset, used by the assessee and partly given on lease, should be included in the 'net wealth' under the Wealth Tax Act. The property did not qualify as a commercial complex or establishment and was taxable as per the definition of "asset" under the Act. The Tribunal ruled that business assets used for the business or profession of the assessee are exempt from Wealth Tax, but since the assessee was not in the business of letting out properties, the property in question was not exempt. Both appeals by the assessee were dismissed. en-us Fri, 30 Dec 2011 00:00:00 +0530 Mon, 02 Apr 2012 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=211697 The Tribunal upheld that the commercial asset, used by the assessee and partly given on lease, should be included in the 'net wealth' under the Wealth Tax Act. The property did not qualify as a commercial complex or establishment and was taxable as per the definition of "asset" under the Act. The Tribunal ruled that business assets used for the business or profession of the assessee are exempt from Wealth Tax, but since the assessee was not in the business of letting out properties, the property in question was not exempt. Both appeals by the assessee were dismissed. Case-Laws Wealth-tax Fri, 30 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=211697