https://www.taxtmi.com/caselaws?id=59588 Wealth-tax exemption for a house occupied for business requires the assessee's actual occupation and use of the premises in a business or profession carried on by it. Merely authorising leasing activity in the memorandum of association, or treating rental receipts as business income, was insufficient to show a continuous and systematic business of letting. Where the first and second floors were given on leave and licence and the licensee had actual use and enjoyment, the assessee could not claim business occupation. The alternate plea that the property was not owned by the assessee also failed because the arrangement created no demise, tenancy, or transferable interest that displaced ownership for wealth-tax purposes. en-us Fri, 25 Nov 2005 00:00:00 +0530 Fri, 31 Dec 2010 09:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59588 Wealth-tax exemption for a house occupied for business requires the assessee's actual occupation and use of the premises in a business or profession carried on by it. Merely authorising leasing activity in the memorandum of association, or treating rental receipts as business income, was insufficient to show a continuous and systematic business of letting. Where the first and second floors were given on leave and licence and the licensee had actual use and enjoyment, the assessee could not claim business occupation. The alternate plea that the property was not owned by the assessee also failed because the arrangement created no demise, tenancy, or transferable interest that displaced ownership for wealth-tax purposes. Case-Laws Wealth-tax Fri, 25 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59588