2016 (1) TMI 1067

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....presents value of industrial plots and building. The ld. counsel for the assessee, at the very outset, submitted that the ld.First Appellate Authority has deleted this addition by observing that similar addition was made in the Asstt.Year 2005-06 which has been deleted by the ld.CWT(A) in the Asstt.Year 2005-06 and the order of the CWT(A) has been upheld by the Tribunal in WTA No.2/Ahd/2012. The ld.CWT(A) has reproduced the order of the ITAT which contained the order of the ld.CWT(A) passed in the Asstt.Year 2005-06. The ld.DR was unable to controvert the contention of the ld.counsel for the assessee. 3. We have duly considered rival contentions and gone through the record carefully. It emerges out from the record that in response to the n....

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....5,588/- as per Rent Capitalization under schedule-III/B of the Act, deducted basic exemption of Rs. 15 lacs and computed the taxable wealth under the provisions of the Act amounting to Rs. 7,17,55,588/- in question. He framed assessment accordingly vide order dated 14- 12-2010. 3. The assessee preferred appeal. The CIT (A) has accepted its contentions on merits as under:- "2.2 I have carefully considered rival submissions. I have also perused assessment order and the evidences submitted by Id. A.R. I have also gone through the case laws relied upon by the Id. A.R. After taking into entirety of facts in view, I am inclined to agree with the contentions of the Id. A.R. for the following reasons: (I) It is seen that net wealth is comp....

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....) covers any property in the nature of commercial establishments or complexes. In order to cover a case under sub cl.(5), it is not necessary that the property in the nature of commercial establishments or complexes should be occupied by the assessee for the purpose of any business or profession carried on by him as in the case covered by sub-cl (3). Here, the nature and purpose of use of the property is material irrespective of the fact whether it is used or occupied either by the assessee himself or anybody else for the purpose of any business or profession carried on by them, as the case may be. To claim benefit of the sub cl.(5), one must prove and establish that the property claimed to be excluded from the definition, of "assets", shou....