https://www.taxtmi.com/caselaws?id=270651 The tribunal upheld the CIT(A)'s decision to exclude the aircraft's value from taxable wealth under the Wealth Tax Act, emphasizing the interpretation of "commercial purposes." The decision was based on previous tribunal rulings and the Hon'ble Delhi High Court's judgment, stating that the aircraft used in the appellant's business falls under the exception provided in section 2(ea)(iv) of the Act. The Revenue's appeal was dismissed, affirming the exclusion of the aircraft from taxable wealth. en-us Wed, 09 Dec 2015 00:00:00 +0530 Tue, 12 Jan 2016 00:50:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270651 The tribunal upheld the CIT(A)'s decision to exclude the aircraft's value from taxable wealth under the Wealth Tax Act, emphasizing the interpretation of "commercial purposes." The decision was based on previous tribunal rulings and the Hon'ble Delhi High Court's judgment, stating that the aircraft used in the appellant's business falls under the exception provided in section 2(ea)(iv) of the Act. The Revenue's appeal was dismissed, affirming the exclusion of the aircraft from taxable wealth. Case-Laws Wealth-tax Wed, 09 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270651