https://www.taxtmi.com/caselaws?id=262318 The Tribunal upheld the lower authorities' decisions, dismissing the appeals regarding the validity of the notice issued under section 17 of the Wealth Tax Act and the assessment of wealth tax on the leased out land and building. The Assessing Officer's initiation of proceedings under section 17 was deemed valid as the assessee had not filed a wealth tax return voluntarily. Additionally, the Tribunal affirmed that the leased property constituted taxable wealth under the Act, rejecting the argument that it should be treated as business income. en-us Wed, 13 Mar 2013 00:00:00 +0530 Wed, 05 Aug 2015 12:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262318 The Tribunal upheld the lower authorities' decisions, dismissing the appeals regarding the validity of the notice issued under section 17 of the Wealth Tax Act and the assessment of wealth tax on the leased out land and building. The Assessing Officer's initiation of proceedings under section 17 was deemed valid as the assessee had not filed a wealth tax return voluntarily. Additionally, the Tribunal affirmed that the leased property constituted taxable wealth under the Act, rejecting the argument that it should be treated as business income. Case-Laws Wealth-tax Wed, 13 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262318