https://www.taxtmi.com/caselaws?id=58051 The Tribunal held that under section 40(3)(vi) of the Finance Act, 1983, the exclusion of property value from wealth tax assessment is limited to buildings used by the assessee for business purposes, including residential accommodation. Leased out properties do not qualify for exclusion, as it would create an unfair advantage allowing the assessee to benefit from the lessee's use. The Tribunal set aside the CWT(A) order and upheld the Assessing Officer's decision, ruling in favor of the revenue. en-us Fri, 06 Dec 1996 00:00:00 +0530 Fri, 17 Dec 2010 11:04:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58051 The Tribunal held that under section 40(3)(vi) of the Finance Act, 1983, the exclusion of property value from wealth tax assessment is limited to buildings used by the assessee for business purposes, including residential accommodation. Leased out properties do not qualify for exclusion, as it would create an unfair advantage allowing the assessee to benefit from the lessee's use. The Tribunal set aside the CWT(A) order and upheld the Assessing Officer's decision, ruling in favor of the revenue. Case-Laws Wealth-tax Fri, 06 Dec 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58051