1982 (4) TMI 200

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....72-73, and 1973-74. 2. The first dispute relates to the question of treatment to be accorded to properties standing in the name of Vijayakumar Cotton Press for purpose of additional wealth tax,. If these are used for the business of the assessee, it will not be liable for additional wealth-tax. There is no dispute about this legal position. Because it was partly let out and such rental income was....

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....ilisation of these properties. 3. We have carefully considered the facts and arguments presented before us. We do not think we will be justified in assuming that the properties should be made liable to additional wealth-tax merely because the income there from was assessed or is assessable as income from a property for income-tax purposes. Supreme Court in East India Housing & Land Development Tr....

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....y also be different as pointed out by the assessee we will, therefore consider the question on the basis of facts relating to the year. 4. The entire premises are in a compound which consists of ginning press and godowns. During the years under consideration the ginning press was working and the assessee has received winnowing charges in the neighbourhood of 60-70 thousands for the first three ye....

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....e occupied by them and, therefore utilised as business premises. It was not as though any particular buildings or part of building was given in these years exclusively to any single customer either on the basis of tenancy agreement or lease so as to convert the premises into one used as to convert the premises into one used as property by a property owner and not as an asset of business. Hence on ....