1996 (6) TMI 105

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....involved are common, the appeals are disposed of by a common order for the sake of convenience. 2. The assessee is a company. The assessee owns the following items of properties: (i) 6.08 acres in RS. No. 66/1, Mundayad, Cannanore (ii) 1.84 acres in RS No. 65/2, Mundayad, Cannanore. (iii) 9.46 acres in RS No. 58/ Mundayad (iv) 6.5 acres in RS No. 66/2, Mundayad, Cannanore. 3. In ....

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....le of coconut was assessed to agricultural income tax, that merely because a portion of the land was used for industrial purposes, it could be said that the entire lands were not agricultural lands and that the land in question are appurtenant to the buildings used for business purposes and, therefore, they are exempt from wealth-tax under s. 40(3)(vi) of the Finance Act, 1983. It was submitted th....

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....valuation at the rate of Rs. 5,000 per cent. Being aggrieved, the assessee is in second appeal before the Tribunal. 4. The assessee has produced before us the following documents: 1. Notice under s. 3 of the Kerala Land Acquisition Act issued by Special Tahsildar dt. 26th July, 1980. 2. Notification by Govt. of Kerala, Housing (A) Department, dt. 17th Dec., 1984. 3. No objection Certif....

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....s such had not come up so as to take this asset into the next item, i.e., 'building or land appurtenant used as a factory' it would not also be a vacant land lying unused falling under item (v) and, therefore, the asset being a land on which factory was under construction was not an asset falling under either item (v) or under the exemption to item (vi) that is, building not used for business purp....