2013 (9) TMI 957

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....ion clause "any property in the nature of commercial establishments or complexes" as per explanation 5(i) of section 2(ea) of the Wealth Tax Act, thereby directing the A.O. to exclude the value of the said property of Rs.61,58,250/- from the net wealth of the appellant?" 2. Brief facts of the case are that respondent assessee had taken a house property from one Jasbir Kaur on rent. In such rented premises, the assessee developed a commercial establishment by providing facilities such as furniture, telephone lines, air conditioners office appliances, man power, etc. The assessee thereafter, sub-rented the said property as a developed office with commercial facilities to M/s. Zepplin System India Pvt. Ltd. 3. The Assessing Officer was o....

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....t. On that basis the Revenue's appeal was dismissed. 4. Before us learned counsel Shri Prashant Desai vehemently contended that basically the property in question was a house property and would therefore, be covered under clause (i) of section 2(ea) of the Wealth Tax Act. He submitted that exclusion sub-clause (5) of clause(i) of section 2(ea) of the Wealth Tax Act would not apply since it is debatable whether a house property can be treated as commercial establishment and further when the assessee herself is not occupying the said property, benefit of such exclusion would not be available to her. 5. We are however, of the opinion that Appellate Commissioner as well as the Tribunal have examined the facts in light of statutory provisi....