https://www.taxtmi.com/caselaws?id=260803 Industrial sheds used in the assessee's manufacturing business and yielding rental income were treated as commercial property and excluded from "assets" under section 2(ea)(5) of the Wealth-tax Act, 1957. The controlling test was the commercial character of the property and the nature and purpose of its use, not whether the assessee occupied it itself. As the Revenue produced no material to dislodge the finding that the sheds were used for business purposes, the exclusion was upheld and the sheds were not includible in net wealth. en-us Fri, 12 Jun 2015 00:00:00 +0530 Wed, 24 Jun 2015 09:57:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260803 Industrial sheds used in the assessee's manufacturing business and yielding rental income were treated as commercial property and excluded from "assets" under section 2(ea)(5) of the Wealth-tax Act, 1957. The controlling test was the commercial character of the property and the nature and purpose of its use, not whether the assessee occupied it itself. As the Revenue produced no material to dislodge the finding that the sheds were used for business purposes, the exclusion was upheld and the sheds were not includible in net wealth. Case-Laws Wealth-tax Fri, 12 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260803