COMMISSIONER OF INCOME TAX AND JOINT COMMISSIONER OF WEALTH-TAX, ASSESSMENT, SPECIAL RANGE-5 Vs. SHANKARANARAYANA INDUSTRIES AND PLANTATIONS (P.) LTD.

JUDGEMENT

(1.) These two appeals are by the revenue challenging the orders passed by the appellate authorities holding that the value of the asset owned and used by the assessee-company in M.G. Road, Bangalore, is excluded from the purview of levying of wealth tax.

(2.) At the time of admission, the following substantial questions of law are framed:

(3.) Whether the amended provisions of Section 2(ea) of the Wealth-tax Act brought into effect from 1-4-1997 is applicable to the asset of the assessee situated at M.G. Road, and the same is liable to be brought to wealth tax?