https://www.taxtmi.com/caselaws?id=58014 The Tribunal dismissed the appeals by the closely held company, upholding the inclusion of the value of flats owned by the company in its net wealth for wealth tax assessment. The Tribunal determined that the flats fell within the assets subject to wealth tax as outlined in section 40(3)(vi) of the Finance Act, 1983, despite the company's arguments to the contrary. The judgment clarified that closely held companies are liable to pay wealth tax on assets listed in section 40(3), including buildings or parts thereof like the flats in question. en-us Fri, 18 Oct 1991 00:00:00 +0530 Wed, 15 Dec 2010 18:17:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58014 The Tribunal dismissed the appeals by the closely held company, upholding the inclusion of the value of flats owned by the company in its net wealth for wealth tax assessment. The Tribunal determined that the flats fell within the assets subject to wealth tax as outlined in section 40(3)(vi) of the Finance Act, 1983, despite the company's arguments to the contrary. The judgment clarified that closely held companies are liable to pay wealth tax on assets listed in section 40(3), including buildings or parts thereof like the flats in question. Case-Laws Wealth-tax Fri, 18 Oct 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58014