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of <h1>Company's Wealth Tax Petitions Dismissed for Motor Cars Inclusion in Net Assets Under Finance Act</h1> <h3>Thirumagal Mills Ltd. Versus Commissioner Of Wealth-Tax</h3> The High Court of Madras dismissed tax cases petitions by a company regarding the levy of wealth tax on vehicles, upholding the Tribunal's decision that ... Wealth Tax, Reference, Company, Assets The High Court of Madras dismissed the tax cases petitions by Thirumagal Mills Ltd. regarding the levy of wealth-tax on vehicles. The Tribunal declined to refer questions of law to the court, stating that motor cars owned by the assessee for business purposes are includible in the net asset as per section 40(3)(vii) of the Finance Act, 1983. The Tribunal's decision was upheld, and the petitions were disposed of with no costs.
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