https://www.taxtmi.com/caselaws?id=369226 The Appeals by the Revenue challenging the Tribunal's judgment regarding the classification of a royal Buggy as a 'work of art' exempted under Section 5(i)(xii) of the Wealth Tax Act, 1957 were successful. The Tribunal's decision was overturned due to legislative changes deleting Clause (xii) of Sub-Section (1) of Section 5 from the Act, effective from 01.04.1993. Consequently, the Revenue's authority was upheld for the Assessment Years in question, and all Tax Appeals were allowed in favor of the Revenue. en-us Mon, 22 Oct 2018 00:00:00 +0530 Wed, 24 Oct 2018 08:55:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=369226 The Appeals by the Revenue challenging the Tribunal's judgment regarding the classification of a royal Buggy as a 'work of art' exempted under Section 5(i)(xii) of the Wealth Tax Act, 1957 were successful. The Tribunal's decision was overturned due to legislative changes deleting Clause (xii) of Sub-Section (1) of Section 5 from the Act, effective from 01.04.1993. Consequently, the Revenue's authority was upheld for the Assessment Years in question, and all Tax Appeals were allowed in favor of the Revenue. Case-Laws Wealth-tax Mon, 22 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=369226