https://www.taxtmi.com/caselaws?id=34470 Property used for offices, banks and garages was treated as a commercial establishment or complex and, on the stated facts, was held to be used for commercial purposes. In light of the amendment to the Wealth-tax Act, 1957 effective from 1 April 1993, such commercial property fell outside the definition of "asset" for wealth-tax purposes. The Tribunal's view that the property was outside the taxable asset base was found to involve no substantial error of law, and the property was therefore not includible in net wealth. en-us Wed, 15 Jul 2009 00:00:00 +0530 Thu, 03 Sep 2009 00:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=34470 Property used for offices, banks and garages was treated as a commercial establishment or complex and, on the stated facts, was held to be used for commercial purposes. In light of the amendment to the Wealth-tax Act, 1957 effective from 1 April 1993, such commercial property fell outside the definition of "asset" for wealth-tax purposes. The Tribunal's view that the property was outside the taxable asset base was found to involve no substantial error of law, and the property was therefore not includible in net wealth. Case-Laws Wealth-tax Wed, 15 Jul 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=34470