https://www.taxtmi.com/caselaws?id=12104 The High Court of Madras ruled in Tax Case No. 83 of 1998 and Tax Case No. 230 of 1998 in favor of the Revenue, holding that the property let out by the assessee and the building used for real estate business purposes were liable to wealth-tax under the provisions of the Finance Act, 1983. The court emphasized the broad scope of wealth-tax provisions applicable to closely held companies and rejected arguments for exemption of commercial assets, concluding that both the property let out and the commercial complex were subject to wealth-tax. en-us Thu, 20 Nov 2003 00:00:00 +0530 Wed, 17 Feb 2010 17:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12104 The High Court of Madras ruled in Tax Case No. 83 of 1998 and Tax Case No. 230 of 1998 in favor of the Revenue, holding that the property let out by the assessee and the building used for real estate business purposes were liable to wealth-tax under the provisions of the Finance Act, 1983. The court emphasized the broad scope of wealth-tax provisions applicable to closely held companies and rejected arguments for exemption of commercial assets, concluding that both the property let out and the commercial complex were subject to wealth-tax. Case-Laws Income Tax Thu, 20 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12104