Wta/9/2015 Of Commissioner Of Income Tax-Ii v. Gulf Oil Corporation Limited

THE HON’BLE SRI JUSTICE G. CHANDRAIAHAND THE HON’BLE SRI JUSTICE CHALLA KODANDA RAMWEALTH TAX APPEAL No. 9 of 2015 ORDER:- (per Hon’ble Sri Justice Challa Kodanda Ram) This appeal, at the instance of Revenue, is filed againstthe order of the Tribunal in WTA No.3/Hyd/2013, dated13.11.2003, raising as many as five substantial questions oflaw said to be arising from the order of the Tribunal. 2. When the matter is taken up for admission, learnedStanding Counsel for the Department fairly submits that thequestions of law raised in the present case were the subjectmatter of appeals before the Division Bench of this Court inWTA No.1 of 2014 and WTA Nos.2 & 3 of 2014, and this Courtconsidered the issue and dismissed the appeals holding thatthe Tribunal, on fact, found that the properties are used by theassessee for business purposes and as such not assessableunder the Wealth Tax Act. 3. In the instant appeal, the Tribunal, vide the impugnedorder held that the property in issue is a business asset anddoes not come within the definition of ‘asset’ as defined underthe Wealth Tax Act. Accordingly, as the subject matter iscovered and the substantial questions of law stand squarelyanswered by the judgments of this Court in WTA No.1 of 2014and WTA Nos.2 & 3 of 2014, we find no question of law to be decided in this appeal and no material to take a contra view. Hence, the present appeal is liable to be dismissed. 5. Accordingly, the appeal is dismissed. No costs. Miscellaneous petitions, if any pending in this appeal, shallstand closed. ____________________ G. CHANDRAIAH, J 04[th] Aug, 2015ksm _____________________________ CHALLA KODANDA RAM, J HON’BLE SRI JUSTICE G. CHANDRAIAH AND HON’BLE SRI JUSTICE CHALLA KODANDA RAM ksm WEALTH TAX APPEAL No. 9 of 2015 04[th] August, 2015