The petitioner owned commercial properties and had given on leave and licence basis. The AO held that the commercial properties are liable to wealth tax. On appeal the CIT (A) has held that the assessee was not liable for wealth tax. When the appeal was pending the assessee has paid the wealth tax as per the Assessment order. The request for the refund of tax paid was not entertained. The Assessee filed the writ petition for not granting of refund.\u00a0 The Court held that the Appellate Authority rightly held that the AO\u2019s finding that the commercial properties should be used by assessee in his own business otherwise would form a part of the total wealth of assessee was erroneous. The exemption under section 2(ea)(i)(5), is to any property in the nature of commercial establishments or complexes\u00a0 and it does not provide anywhere that such commercial properties should be used by assessee for his own purpose.\u00a0 As the asseesse\u2019s appeal for the assessment year 2005-06 having been decided in favour of assessee rejection of refund for the Assessment years 2006-07 to 2009-10 was not sustainable. The Court directed to refund the amount with interest with in four weeks. If there are no provision for payment of interest then the interest shall became payable at 12 % p.a. on the amount due after expiry of four weeks. (AY. 2006-07, 2007-08, 2008-09, 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 237 : Refunds-Commercial establishment-Appeal was decided in favour-Directed to refund the amount with interest with in four weeks-If there are no provision for payment of interest then the interest shall became payable at 12 % p.a. on the amount due after expiry of four weeks. [Wealth-tax Act, 1957, S. 2(ea)(i), 34A, Art. 226] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-24276","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-6jy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24276","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=24276"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24276\/revisions"}],"predecessor-version":[{"id":24277,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/24276\/revisions\/24277"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24276"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=24276"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=24276"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}