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W.T.A. NO.1230/LB OF 2005, DECIDED ON 23RD MAY, 2006. versus W.T.A. NO.1230/LB OF 2005, DECIDED ON 23RD MAY, 2006.

Sections 2 (1) (5) (ii), 3, 16 (2) and 17 Wealth Tax Rules, 1963, R8 (3) Assets Assissee, which is a company earning income from running a textile mill / lease income mill. , Was leased. And the lease income was received under the provisions of Section 2 (5) (II) of the Wealth Tax Act 1965, because the assessee himself had assigned the purpose of his immovable property. Memorandum and Articles Association Accuracy The Memorandum and Articles Association was, of course, a specific sub clause concerning the objects and purposes of the Company, which included in the lease, leave, rent, mortgage, etc. The object was one of more than 37 objects, which had to be decided in its entirety, to be completed in fact for knitting, spinning, embroidery, bleaching sizing, coloring, printing, twisting, calendaring, and all preparations. Had to work for Cotton type, wahlen, silk fabric, art silk, rayon, and mixed textiles and articles were never intended by the legislature to impose a wealth tax on leased industrial / commercial units, even in the clause. In any of the above clauses, the object of the company is to lease, abandon, etc. the purposes of the company, etc. This clause was not conclusive and was of the general nature, as the purpose of the Company's final use On which it was never said that Essex should be released or leased. The real estate was not intended to be abandoned or put out of business, but the purpose of the Scottie Company as its title implies is in textile and general mills. female advocates from Chaghi lawyer