https://www.taxtmi.com/caselaws?id=32934 The court upheld the Tribunal's decision that the godowns leased out by the assessee were not used for their business, leading to the inclusion of the asset in the net wealth calculation. The judgment emphasized the relevance of specific provisions for closely held companies under the Finance Act, 1983, and highlighted that leased assets not used for the assessee's business would be considered for wealth tax assessment. The appeals were dismissed, affirming that the rental income derived from the godowns should be included in the net wealth calculation based on the factual findings regarding asset usage. en-us Fri, 13 Feb 2009 00:00:00 +0530 Mon, 21 Sep 2009 17:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=32934 The court upheld the Tribunal's decision that the godowns leased out by the assessee were not used for their business, leading to the inclusion of the asset in the net wealth calculation. The judgment emphasized the relevance of specific provisions for closely held companies under the Finance Act, 1983, and highlighted that leased assets not used for the assessee's business would be considered for wealth tax assessment. The appeals were dismissed, affirming that the rental income derived from the godowns should be included in the net wealth calculation based on the factual findings regarding asset usage. Case-Laws Wealth-tax Fri, 13 Feb 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=32934