2005 (9) TMI 29

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....es arise under the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"). The assessment years are 1985-86 and 1986-87. The assessments for these years were completed under section 16(1) of the Act. Later on, the Commissioner of Wealth-tax revised the assessments under section 25(2) of the Act. This was challenged before the Income-tax Tribunal. The Income-tax Tribunal set aside the order of....

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....The business of the assessee is manufacture of hosiery and handloom goods. The Assessing Officer exempted the weaving shed on the ground that it is used for its business. The revisional authority took the view that unless the building is used as a warehouse or a godown exemption cannot be granted. The Tribunal now takes the view that in the income-tax proceedings the rent from the Civil Supplies C....

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....ourt in CWT v. Cosmopolitan Hospitals P. Ltd. [2004] 265 ITR 312, held that section 40(3)(vi) of the Finance Act specifically includes warehouse, cinema house, hotel or office for the purpose of its business or as residential accommodation for its employees. It also provides for exclusion of buildings or part thereof used as a hospital, creche, school, canteen, library, recreational centre, shelte....