https://www.taxtmi.com/caselaws?id=12114 Section 40(1) of the Finance Act, 1983, a charging provision reviving wealth-tax for closely held companies to curb avoidance through transfer of personal assets, was held to be strictly construed. An entity merely deemed to be a company by Board declaration under section 2(h)(iii) of the Wealth-tax Act, 1957 was not treated as a company in the true sense, and the statutory mischief targeted by the revival provision was absent. The provision was therefore not extended to a members' club declared to be a company by the Board, and section 40(1) did not apply to the assessee-club. en-us Tue, 31 Dec 2002 00:00:00 +0530 Wed, 17 Feb 2010 17:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12114 Section 40(1) of the Finance Act, 1983, a charging provision reviving wealth-tax for closely held companies to curb avoidance through transfer of personal assets, was held to be strictly construed. An entity merely deemed to be a company by Board declaration under section 2(h)(iii) of the Wealth-tax Act, 1957 was not treated as a company in the true sense, and the statutory mischief targeted by the revival provision was absent. The provision was therefore not extended to a members' club declared to be a company by the Board, and section 40(1) did not apply to the assessee-club. Case-Laws Income Tax Tue, 31 Dec 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12114