https://www.taxtmi.com/caselaws?id=177644 The ITAT set aside the Commissioner of Wealth-tax (Appeals) order, ruling that the aircraft co-owned by the assessee company, used for business purposes with allowed depreciation, qualified as being for commercial use under the Wealth-tax Act. The aircraft's value was excluded from the assessee's net wealth, overturning the inclusion by the Assessing Officer and Commissioner of Wealth-tax (Appeals). The appeal was allowed, and the judgment was issued on October 21, 2011. en-us Fri, 21 Oct 2011 00:00:00 +0530 Thu, 14 Jan 2016 12:00:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177644 The ITAT set aside the Commissioner of Wealth-tax (Appeals) order, ruling that the aircraft co-owned by the assessee company, used for business purposes with allowed depreciation, qualified as being for commercial use under the Wealth-tax Act. The aircraft's value was excluded from the assessee's net wealth, overturning the inclusion by the Assessing Officer and Commissioner of Wealth-tax (Appeals). The appeal was allowed, and the judgment was issued on October 21, 2011. Case-Laws Income Tax Fri, 21 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177644