https://www.taxtmi.com/caselaws?id=11720 Whether let-out property was an asset exigible to wealth-tax under section 40(3)(vi) of the Finance Act, 1983 turned on whether it was exploited as a business asset or retained for use by the assessee as owner. The enquiry required examination of the lease deed, lease period, objects clause and other surrounding circumstances in line with the principles stated in Universal Plast Ltd. v. CIT. Because the Tribunal had not undertaken a full factual examination of these matters, the issue was required to be reconsidered afresh on the existing legal framework, and the matter was remitted to the Tribunal for fresh consideration. en-us Wed, 20 Nov 2002 00:00:00 +0530 Sat, 06 Feb 2010 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11720 Whether let-out property was an asset exigible to wealth-tax under section 40(3)(vi) of the Finance Act, 1983 turned on whether it was exploited as a business asset or retained for use by the assessee as owner. The enquiry required examination of the lease deed, lease period, objects clause and other surrounding circumstances in line with the principles stated in Universal Plast Ltd. v. CIT. Because the Tribunal had not undertaken a full factual examination of these matters, the issue was required to be reconsidered afresh on the existing legal framework, and the matter was remitted to the Tribunal for fresh consideration. Case-Laws Wealth-tax Wed, 20 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11720