HIGH COURT OF JUDICATURE AT HYDERABAD FOR STATE OF TELANGANA AND STATE OF ANDHRA PRADESH PRESENT HON BLE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND HON'BLE SRI JUSTICE SANJAY KUMAR WEALTH TAX APPEAL NO.1 OF 2014 DATED:26.11.2014 Between: Commissioner of Income Tax II I.T. Towers, A.C. Guards Hyderabad Appellant And M/s. Gulf Oil Corporation Limited Kukatpally, Post Box No.1 Sanathnagar Hyderabad Respondent HON BLE CHIEF JUSTICE SRI KALYAN JYOTI SENGUPTA AND HON BLE SRI JUSTICE SANJAY KUMAR WEALTH TAX APPEAL NO.1 OF 2014 JUDGMENT: (per Hon ble Chief Justice Sri Kalyan Jyoti Sengupta) judgment and order of learned Tribunal dt.13.11.2013 in relation to assessment year 2003-2004 is sought to be impugned by Revenue on following suggested questions of law. i. In facts and circumstances of case, whether Hon ble Tribunal (ITAT) is correct in law in holding that flats which are not let out for residential purpose and also which are not qualified as commercial establishment or complex are exempt from Wealth Tax? ii. In facts and circumstances of case, whether Hon ble Tribunal (ITAT) is correct in law in holding that merely because income has shown under head of house property property let out for business purpose is exempt from Wealth Tax? We have heard Sri B. Narasimha Sarma, learned counsel for appellant, and examined judgment and order of learned Tribunal. It appears that learned Tribunal on fact found that there has not been total change in nature of property and only development agreement was entered into before conversion of land and it cannot be assessed as acquisition of wealth as value thereof remains within exempted limit. In view of appreciation of fact, we do not find any element of law to decide in this appeal. appeal is accordingly dismissed. There will be no order as to costs. K.J. SENGUPTA, CJ SANJAY KUMAR, J 26.11.2014 bnr Commissioner of Income-tax-II, Hyderabad v. Gulf Oil Corporation Limited