The Commissioner Of Income Tax-1 v. M/S.ramon Publications Pvt. Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTIONWEALTH TAX APPEAL NO.484 OF 2004 The Commissioner of Income Tax-1 Vs. M/s.Ramon Publications Pvt. Ltd. ..Respondents ..Appellant Mr.A.S.Rao for the Appellant.Mr.V.S.Hadale for the Respondents. P.C. CORAM :- DR.S.RADHAKRISHNAN &J.P.DEVADHAR,JJ. DATE : 15TH JANUARY,2007 1.Heard the learned Counsel for the parties.The question of law raised in the above Appeal readsas under:- A) Whether, on the facts and circumstances ofthe case and in law, the Hon’ble Tribunal iscorrect in holding that the property of theassessee in question is not taxable to wealthtax under the Wealth Tax Act by following thedecision of the Income Tax Appellate Tribunal,Madras Bench, reported in 45 ITD 117?2.The dispute is whether the property is usedfor the business and the finding of the Tribunal isthat the property was used for the Assessee’sbusiness, therefore, excluded from the Wealth Tax.The Tribunal has clearly observed as under:- "Merely, because part of the income derivedfrom the property was assessed under the headincome from house property for the purposes ofthe income tax assessment, it did not detractthe nature of income as business income asreflected in the Profit & Loss Account. Thus,the property was used in the assessee’sbusiness and was, therefore, excluded from thewealth tax. Even though, this case law wasrelied on by the assessee before the RevenueAuthorities and they have lost sight of thesame. The Revenue Authorities mainly reliedupon that the income from letting out was shown as income from house property, they haverejected the contention of the assessee." 3.In view of the above clear finding of fact, there is no substantial question of law involved in the above. Hence, the Appeal stands dismissed. (DR.S.RADHAKRISHNAN,J.) (J.P.DEVADHAR,J.)