https://www.taxtmi.com/caselaws?id=401951 A factory property let out by the assessee and not used for its own business or profession fell within the enlarged definition of assets under section 2(ea) of the Wealth-tax Act, so it was chargeable to wealth tax. The Tribunal held that the exclusion for property occupied by the assessee for business could not be extended to a leased property, and the wealth-tax position was not altered merely because the rent was assessed as house property income. On valuation, the Assessing Officer had to recompute net maintainable rent on the same annual value basis used for income-tax, with corresponding revision of notional interest and related adjustments. en-us Wed, 16 Dec 2020 00:00:00 +0530 Mon, 21 Dec 2020 10:53:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401951 A factory property let out by the assessee and not used for its own business or profession fell within the enlarged definition of assets under section 2(ea) of the Wealth-tax Act, so it was chargeable to wealth tax. The Tribunal held that the exclusion for property occupied by the assessee for business could not be extended to a leased property, and the wealth-tax position was not altered merely because the rent was assessed as house property income. On valuation, the Assessing Officer had to recompute net maintainable rent on the same annual value basis used for income-tax, with corresponding revision of notional interest and related adjustments. Case-Laws Wealth-tax Wed, 16 Dec 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401951