W.T.A. NO. 1190/LB OF 2002, DECIDED ON 18TH SEPTEMBER, 2002. versus W.T.A. NO. 1190/LB OF 2002, DECIDED ON 18TH SEPTEMBER, 2002.
Sections 2 (e) (2) and 2 (5) (ii) use such plot for sports, weddings and social welfare on the recovery of nominal compensation of open plots of property owned by a society which charges for maintenance. Such open plot was included in taxable wealth on the basis of rent receipt which the First Appellate Authority correctly excluded from taxable wealth, earning millions for such an important and expensive land society. But physical and mental nutrition increase the spirit of sports and sports. More important than making money from commercial plazas or similar activities, it was non-business activity, not only because it was the main reason, but also to receive money as a token for providing such facilities. Activity cannot be understood. There was neither a business to leave, nor the purpose of the development of these plots was the business compensation on the net assets of the property held by the association of persons where such a prediction was made. rty was organized for the business of holding the Society was not involved in the business of leaving, nor was it formed for this purpose, such use of open plot was not intended for the purpose of giving up, It was not covered under section 2 (e) (ii) of the Wealth Tax Act, 1963, appellate tribunal upheld the first appellate authority's order.
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