https://www.taxtmi.com/caselaws?id=236516 The High Court upheld the Tribunal's decision, ruling that the aircraft owned by the Assessee and used for business purposes were exempt from wealth tax under section 2(ea)(iv) of the Wealth Tax Act. The Court clarified that usage for commercial purposes includes transportation of directors and executives for business-related travel, contributing to the efficient operation of the business. As the aircraft were indisputably utilized for the Assessee's business activities, the Revenue's appeal was dismissed, and the Tribunal's decision was affirmed without costs. en-us Thu, 11 Jul 2013 00:00:00 +0530 Fri, 30 Aug 2013 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236516 The High Court upheld the Tribunal's decision, ruling that the aircraft owned by the Assessee and used for business purposes were exempt from wealth tax under section 2(ea)(iv) of the Wealth Tax Act. The Court clarified that usage for commercial purposes includes transportation of directors and executives for business-related travel, contributing to the efficient operation of the business. As the aircraft were indisputably utilized for the Assessee's business activities, the Revenue's appeal was dismissed, and the Tribunal's decision was affirmed without costs. Case-Laws Wealth-tax Thu, 11 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236516