07 August 2010
No this asset does not constitutes asset for Wealth Tax purpose. Because Any house which the assessee may occupy for the purposes of any business or profession carried on by him is not treated as “asset”.
07 August 2010
RABINDRANATH DHAL case : Where a building owned by a person is made available to the partnership firm in which he is a partner, for carrying on business, then it can be said that the building is being used by the partner for the purposes of his business or profession. So that building is not an asset
I believe Mr Gupta also wanted to say that this asset does not constitute asset, however probably by mistake he has written "No this asset does constitutes asset for Wealth Tax purpose"
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