https://www.taxtmi.com/caselaws?id=9862 Section 40 of the Finance Act, 1983 revives wealth-tax for closely held companies and taxes only the assets specified in sub-section (3), subject to the listed exclusions. Clause (vi) exempts only a building or part thereof used by the assessee as a factory, godown, warehouse, hotel, office, or specified welfare accommodation, and the provision was held to be plain and unambiguous without resort to external aids. A building does not escape wealth-tax merely because it is a commercial asset or let out in the course of the assessee's leasing business; it must still fit within the specific exclusion. The tenanted portion here did not fall within any excluded category and was therefore liable to wealth-tax. en-us Mon, 11 Sep 2006 00:00:00 +0530 Thu, 02 Jul 2009 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9862 Section 40 of the Finance Act, 1983 revives wealth-tax for closely held companies and taxes only the assets specified in sub-section (3), subject to the listed exclusions. Clause (vi) exempts only a building or part thereof used by the assessee as a factory, godown, warehouse, hotel, office, or specified welfare accommodation, and the provision was held to be plain and unambiguous without resort to external aids. A building does not escape wealth-tax merely because it is a commercial asset or let out in the course of the assessee's leasing business; it must still fit within the specific exclusion. The tenanted portion here did not fall within any excluded category and was therefore liable to wealth-tax. Case-Laws Wealth-tax Mon, 11 Sep 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9862