https://www.taxtmi.com/caselaws?id=379713 The Appellate Tribunal ITAT Kolkata ruled in favor of the Assessee, holding that the property in question was a commercial establishment and not an asset under the Wealth Tax Act. The Tribunal found merit in the Assessee's contentions regarding the valuation of land and building of the Partnership Firm, emphasizing evidence provided and overturning the authorities' valuation. Consequently, the Tribunal deleted the additions made by the authorities for both assessment years, partially allowing the Assessee's appeal. en-us Fri, 03 May 2019 00:00:00 +0530 Tue, 07 May 2019 06:22:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379713 The Appellate Tribunal ITAT Kolkata ruled in favor of the Assessee, holding that the property in question was a commercial establishment and not an asset under the Wealth Tax Act. The Tribunal found merit in the Assessee's contentions regarding the valuation of land and building of the Partnership Firm, emphasizing evidence provided and overturning the authorities' valuation. Consequently, the Tribunal deleted the additions made by the authorities for both assessment years, partially allowing the Assessee's appeal. Case-Laws Wealth-tax Fri, 03 May 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379713