https://www.taxtmi.com/caselaws?id=333258 The Tribunal held that the Assessing Officer lacked jurisdiction under section 17 of the Wealth Tax Act and ruled that a house property let out to a tenant, specifically a commercial complex, is exempt from wealth tax as it qualifies as a productive asset. The Tribunal emphasized that wealth tax is not imposed on productive assets, as established in prior decisions and statutory provisions. Consequently, the appeals filed by the assessee were allowed, overturning the Commissioner's decision and confirming that the property in question was not subject to wealth tax. en-us Wed, 21 Sep 2016 00:00:00 +0530 Fri, 07 Oct 2016 21:38:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333258 The Tribunal held that the Assessing Officer lacked jurisdiction under section 17 of the Wealth Tax Act and ruled that a house property let out to a tenant, specifically a commercial complex, is exempt from wealth tax as it qualifies as a productive asset. The Tribunal emphasized that wealth tax is not imposed on productive assets, as established in prior decisions and statutory provisions. Consequently, the appeals filed by the assessee were allowed, overturning the Commissioner's decision and confirming that the property in question was not subject to wealth tax. Case-Laws Wealth-tax Wed, 21 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333258