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Commercial

Commercial

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Published by: ash_mitra1023 on Nov 06, 2011
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05/12/2014

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ºCn a plaln readlng of lLem (3)ţ lL appears LhaL any properLy ln Lhe naLure of commerclal esLabllshmenLs

or complexes sls noL lncluded wlLhln Lhe deflnlLlon of 'asseLs' for Lhe purpose of WealLhŴLax AcLŦ 1o
clalm beneflL of Lhe aforemenLloned lLem(3)ţ one musL prove and esLabllsh LhaL Lhe properLy clalmed Lo
he excluded from Lhe deflnlLlon of 'asseLs'ţ ls ln Lhe naLure of commerclal esLabllshmenLs or complexesŦ
ln oLher wordsţ Lhe properLy should noL be of any naLure oLher Lhan Lhe naLure of commerclal
esLabllshmenLs or complexesŦ ln Lhls lLem (3)ţ 'complexes or esLabllshmenLs' are quallfled wlLh an
ad[ecLlve 'commerclal' esLabllshmenL or complex andţ Lhereforeţ musL be of commerclal ln naLureŦ 1he
word 'commerclal' means someLhlngţ whlch ls used un or relaLed Lo a buslness or a LradeŦ Commerclal
means relaLlng Lo or engaged ln or used for commerceŦ 1he word 'esLabllshmenL' means an
organlzaLlonţ bulldlng ţ consLrucLlonţ shopţ sLoreţ concern or corporaLlonŦ 1husţ commerclal
'esLabllshmenLs' means some klnd of place or bulldlng or shop or sLore where buslness or Lrade ls
carrled onŦ 1he word 'complex' means composlLeţ compoundedţ mulLlpleţ manlfoldţ mulLlŴcomplex or
someLhlng composed of or made of many lnLerŴrelaLed palls' for exampleţ a mulLlpurpose bulldlngŦ
1husţ Lhe words 'commerclal complex' mean Lhe commerclal mulLlŴpurpose bulldlng composed and
made of_ lnLerŴrelaLlng parLs ln conLrasL Lo a slngle commerclal Ŷ ŴesLabllshmenLŦ ln LheŴease of
commerclal esLabllshmenLţ lL ls noL necessary LhaL lL should be composed of or made of lnLerrelaLed
parLsŦ ln Lhe case of a properLy ln Lhe naLure of commerclal esLabllshmenLţ lL ls noL necessary LhaL lL
should be also ln Lhe naLure of commerclal complexŦ 1he LeglslaLures has excluded boLh commerclal
esLabllshmenLs as well as commerclal complexes from Lhe deflnlLlon of 'asseL' for Lhe purpose of
chargeablllLy Lo Lax under Lhe WealLhŴLax AcLŦ 1hereforeţ for Lhe purpose of lLem (3) of subŴclause (l) of
clause (ea)ţ a properLy musL be of commerclal complex of esLabllshmenL ln naLure where buslness of
Lrade ls belng carrled on and Lhe properLy musL also be used for Lhe purpose of any buslness or Lrade as
wellŦ A properLy cannoL onlyţ by lLs very naLureţ be classlfled as a commerclal esLabllshmenL or complexţ
unless Lhe same ls also used ln a buslness and noLhlng elseŦ Penceţ Lhe words 'commerclal
esLabllshmenL' of complexţ as Lhe case may beţ appear Lo be used ln Lhe sense LhaL Lhe properLy musL
be ln Lhe naLure of commerclal properLy and Lhe same musL also be used for Lhe purpose of Lrade or
buslness and noLhlng elseŦ ln Lhls sense of Lhe Lermţ Lhereforeţ lL could be sald LhaL lf any properLy
Lhough used for commerclal purposesţ yeL ls noL ln Lhe naLure of commerclal properLyţ Lhe same would
noL fall wlLhln Lhe Lerm 'commerclal esLabllshmenL' or complex used ln lLem (3) below Lo subŴclause (l)
of clause (ea) of secLlon 2ţ Pavlng regard Lo Lhe ob[ecL and purpose of Lhe sald subŴclause (l) wlLh
excepLlon LhereLoţ any bulldlng Lhough used for commerclal purposesţ yeL ls noL ln Lhe naLure of
commerclal properLy or esLabllshmenLsţ shall noL be covered by expresslon 'any properLy' as used ln
lLem (lL) below Lo subŴclause (l) of clause (ea) of secLlon 2Ŧ lor Lhe purpose of Lhe aforesald clauseţ Lhe
properLy musL be of commerclal naLure lmplylng Lhereby LhaL Lhe very naLure of Lhe properLy musL be
commerclal and aL Lhe same Llmeţ lL musL be used ln a buslness or Lrade and noLhlng elseŦ żÞara 20Žº

8ead moreť hLLpť//LaxguruŦln/lncomeŴLax/warehouseŴlsŴLaxableŴasseLŴunderŴsecLlonŴ2ealŴofŴwealLhŴLaxŴ
acLŦhLml#lxzz1cvhLlqlg

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