https://www.taxtmi.com/caselaws?id=269970 The High Court dismissed the Revenue's appeals challenging the Tribunal's order for Assessment Years 2006-07 and 2007-08 under Section 27A of the Wealth Tax Act. The dispute centered on the ownership and valuation of a Lamborghini Car, with the Assessing Officer including its value in the Assessee's taxable wealth. The Court upheld the exclusion of the car's value, ruling in favor of the Assessee based on previous decisions, and directed each party to bear its own costs. en-us Mon, 30 Nov 2015 00:00:00 +0530 Fri, 25 Dec 2015 12:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269970 The High Court dismissed the Revenue's appeals challenging the Tribunal's order for Assessment Years 2006-07 and 2007-08 under Section 27A of the Wealth Tax Act. The dispute centered on the ownership and valuation of a Lamborghini Car, with the Assessing Officer including its value in the Assessee's taxable wealth. The Court upheld the exclusion of the car's value, ruling in favor of the Assessee based on previous decisions, and directed each party to bear its own costs. Case-Laws Wealth-tax Mon, 30 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269970