https://www.taxtmi.com/caselaws?id=71423 The expression "motor cars" in clause (vii) of sub-section (3) of section 40 of the Finance Act, 1983 was construed by its ordinary meaning, the Motor Vehicles Act definition, and the treatment of jeeps under the depreciation schedule. Earlier interpretation under section 37(3B)(ii) of the Income-tax Act, 1961 was treated as context-specific and not controlling. On that reading, jeeps fall within "motor cars" for the wealth-tax provision, so their value is includible in the net wealth of a closely held company. The assessee's contrary contention fails. en-us Thu, 22 Mar 1990 00:00:00 +0530 Sat, 23 Apr 2011 13:20:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71423 The expression "motor cars" in clause (vii) of sub-section (3) of section 40 of the Finance Act, 1983 was construed by its ordinary meaning, the Motor Vehicles Act definition, and the treatment of jeeps under the depreciation schedule. Earlier interpretation under section 37(3B)(ii) of the Income-tax Act, 1961 was treated as context-specific and not controlling. On that reading, jeeps fall within "motor cars" for the wealth-tax provision, so their value is includible in the net wealth of a closely held company. The assessee's contrary contention fails. Case-Laws Wealth-tax Thu, 22 Mar 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71423