Commissioner of Wealth Tax vs Cema (P.) Ltd.

The short point which arises for consideration in this appeal is whether value of the property consisting of office premises at Maker Chambers III at Nariman Point was includible in the net wealth of the assessee. The Tribunal, on facts, came to the conclusion that the abovementioned office premises was a business asset not liable to wealth-tax. That, merely because the said office premises have been leased out for five years, did not change the commercial character of the said asset. Apart from the order of the Tribunal which is passed, on facts, we ourselves examined the returns filed by the assessee right from the assessment year 1985-86 which clearly indicate that even under the Income Tax Act, the assessee has been given the benefit of depreciation and the income received by the assessee has been treated as income from business. Taking into account the above facts and circumstances of the case, we are of the view that a pure finding of fact has been recorded by the Tribunal. Hence, no interference is called for. Appeal dismissed.