1982 (12) TMI 103

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....ed with the claim of the assessee for exemption from additional wealth-tax. 2. The admitted facts are that the assessee, an individual, is the owner of a land on which some factory sheds, store room, godowns, etc., have been built in Thiruvottiryur. He had let out this property to a firm, Ashok Silicate Industries, in which he is a partner. The income from letting out the property is assessed i....

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.... the Act ') are conjunctive and not disjunctive. It was submitted that as the owner of the premises, the assessee must have used the property in his own business and since the conditions were not cumulatively satisfied in that manner, the assessee was not entitled to the exemption. It was pointed out that as far as the assessee was concerned, he was deriving income from the property by letting it ....

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....ere is no underlying object for inferring such an additional condition for granting exemption. Obviously, the intention of Parliament was only to see that assets used as business premises are exempt from the additional wealth-tax and naturally, the exemption will be available only when such an asset is owned by the assessee. The ownership of the asset is only for the purpose of exclusion from the ....

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.... derivation of income by letting out the property to the assessee's own business. We are, therefore, satisfied that the conditions prescribed in the definition of ' business premises ' being prima facie satisfied, it is not necessary to import into the definition a further condition that the use in the business should be in the capacity of the owner and not in the capacity of the partner to deny t....