https://www.taxtmi.com/caselaws?id=14862 Section 40(3)(vii) of the Finance Act, 1983 brought motor cars into net wealth, leaving only limited exemptions for motor cars held as stock-in-trade or motor cars registered as trucks and used in a motor-car-hire business. The assessee's vehicles, including a trekker treated as a motor car, were business assets but did not fall within either exemption. On those admitted facts, the Tribunal found no referable question of law and was justified in refusing to state a case. The levy of wealth-tax on the vehicles was therefore upheld. en-us Tue, 31 Mar 1998 00:00:00 +0530 Thu, 23 Jul 2009 16:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14862 Section 40(3)(vii) of the Finance Act, 1983 brought motor cars into net wealth, leaving only limited exemptions for motor cars held as stock-in-trade or motor cars registered as trucks and used in a motor-car-hire business. The assessee's vehicles, including a trekker treated as a motor car, were business assets but did not fall within either exemption. On those admitted facts, the Tribunal found no referable question of law and was justified in refusing to state a case. The levy of wealth-tax on the vehicles was therefore upheld. Case-Laws Wealth-tax Tue, 31 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14862