ORIENT HOSPITAL LTD Vs. DEPUTY COMMISSIONER OF INCOMETAX

JUDGEMENT

(1.) The Assessee has filed this Appeal, raising the purported Substantial Questions of Law, arising from the order of the Income Tax Appellate Tribunal dated 15.09.2006, by which the learned Tribunal allowed the Appeal filed by the Revenue by holding that the Assets like factory building and motor cars leased out by the Assessee to the third party was subject to wealth tax as per clause (vi) of Section 40 (3) of the Finance Act 1943.

(2.) The observations of the learned Tribunal are quoted below for ready reference:

(3.) This Appeal was admitted by the Co-ordinate Bench of this Court, on 26.10.2009 on the following Substantial Questions of Law: