https://www.taxtmi.com/caselaws?id=344416 The High Court held that the Royal Buggy qualifies as a "work of art" under Section 5(1)(xii) of the Wealth Tax Act, 1957, and is exempt from wealth tax. The court emphasized that incidental personal use does not negate its classification as a "work of art." The Tribunal's decision was overturned, and the Commissioner (Appeals)'s ruling was reinstated in favor of the assessee. en-us Wed, 07 Jun 2017 00:00:00 +0530 Fri, 16 Jun 2017 09:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344416 The High Court held that the Royal Buggy qualifies as a "work of art" under Section 5(1)(xii) of the Wealth Tax Act, 1957, and is exempt from wealth tax. The court emphasized that incidental personal use does not negate its classification as a "work of art." The Tribunal's decision was overturned, and the Commissioner (Appeals)'s ruling was reinstated in favor of the assessee. Case-Laws Wealth-tax Wed, 07 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344416