Wta/1/2014 Of Commissioner Of Income Tax-Ii v. M/S Gulf Oil Corporation Limited, Kukatpally

HIGH COURT OF JUDICATURE AT HYDERABADFOR THE STATE OF TELANGANA AND THE STATE OF ANDHRAPRADESH PRESENT THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND THE HON’BLE SRI JUSTICE SANJAY KUMAR WEALTH TAX APPEAL NO.1 OF 2014 DATED:26.11.2014 Between: Commissioner of Income Tax – III.T. Towers, A.C. GuardsHyderabad … Appellant And M/s. Gulf Oil Corporation LimitedKukatpally, Post Box No.1SanathnagarHyderabad … Respondent THE HON’BLE THE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA ANDTHE HON’BLE SRI JUSTICE SANJAY KUMAR WEALTH TAX APPEAL NO.1 OF 2014 JUDGMENT:(per the Hon’ble The Chief Justice Sri Kalyan Jyoti Sengupta) The judgment and order of the learned Tribunal dt.13.11.2013 inrelation to assessment year 2003-2004 is sought to be impugned by theRevenue on the following suggested questions of law. i.“In the facts and circumstances of the case, whetherthe Hon’ble Tribunal (ITAT) is correct in law in holdingthat the flats which are not let out for the residentialpurpose and also which are not qualified as commercialestablishment or complex are exempt from Wealth Tax? ii.In the facts and circumstances of the case, whetherthe Hon’ble Tribunal (ITAT) is correct in law in holdingthat merely because income has shown under the headof ‘house property’ a property let out for businesspurpose is exempt from Wealth Tax?” We have heard Sri B. Narasimha Sarma, learned counsel for theappellant, and examined the judgment and order of the learned Tribunal. Itappears that the learned Tribunal on fact found that there has not beentotal change in the nature of the property and only development agreementwas entered into before conversion of the land and it cannot be assessedas acquisition of wealth as the value thereof remains within the exemptedlimit. In view of the appreciation of fact, we do not find any element of lawto decide in this appeal. The appeal is accordingly dismissed. There will be no order as tocosts. ________________________ K.J. SENGUPTA, CJ _______________________ SANJAY KUMAR, J 26.11.2014bnr