https://www.taxtmi.com/caselaws?id=358300 The tribunal held that the freehold land used for setting up an office and service center qualifies as being used for "industrial purposes" and is thus exempt from wealth tax under Section 2(ea) of the Wealth Tax Act. The appeal was partly allowed, with the primary ground in favor of the assessee and the issue of interest being consequential. The decision underscores the broader interpretation of "industrial purposes" to include service activities, aligning with the legislative intent to exclude productive assets from wealth tax. en-us Wed, 04 Apr 2018 00:00:00 +0530 Tue, 10 Apr 2018 08:22:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=358300 The tribunal held that the freehold land used for setting up an office and service center qualifies as being used for "industrial purposes" and is thus exempt from wealth tax under Section 2(ea) of the Wealth Tax Act. The appeal was partly allowed, with the primary ground in favor of the assessee and the issue of interest being consequential. The decision underscores the broader interpretation of "industrial purposes" to include service activities, aligning with the legislative intent to exclude productive assets from wealth tax. Case-Laws Wealth-tax Wed, 04 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=358300