https://www.taxtmi.com/article/detailed?id=5259 The article explains that use of an aircraft by its owner in the owner's own business constitutes use for commercial purposes and therefore the aircraft is not a taxable asset under the Wealth Tax scheme. It emphasizes that the phrase commercial purposes is broader than specific activities like plying, hiring or leasing, and that assessing officers should not impose a condition of separate carrying or hiring activity to deny the exemption. The piece relies on settled tribunal precedent and criticises revenue appeals that ignore that settled position. en-us Mon, 02 Sep 2013 09:05:31 +0530 Mon, 02 Sep 2013 09:05:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5259 The article explains that use of an aircraft by its owner in the owner's own business constitutes use for commercial purposes and therefore the aircraft is not a taxable asset under the Wealth Tax scheme. It emphasizes that the phrase commercial purposes is broader than specific activities like plying, hiring or leasing, and that assessing officers should not impose a condition of separate carrying or hiring activity to deny the exemption. The piece relies on settled tribunal precedent and criticises revenue appeals that ignore that settled position. Articles Income Tax Mon, 02 Sep 2013 09:05:31 +0530 https://www.taxtmi.com/article/detailed?id=5259