https://www.taxtmi.com/caselaws?id=60627 The ITAT held that motor cars owned by the assessee and used for leasing on a rental basis were exempt from wealth tax under the proviso to section 40(3) of the Finance Act, 1983. The ITAT directed the Assessing Officer to exclude the value of motor cars from the computation of net wealth, allowing the appeals filed by the assessee. This clarified the application of section 40 to closely held companies, emphasizing the legislative intent to prevent tax avoidance and providing guidance on wealth tax liability for assets used in business activities. en-us Thu, 01 Feb 1996 00:00:00 +0530 Fri, 07 Jan 2011 12:34:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60627 The ITAT held that motor cars owned by the assessee and used for leasing on a rental basis were exempt from wealth tax under the proviso to section 40(3) of the Finance Act, 1983. The ITAT directed the Assessing Officer to exclude the value of motor cars from the computation of net wealth, allowing the appeals filed by the assessee. This clarified the application of section 40 to closely held companies, emphasizing the legislative intent to prevent tax avoidance and providing guidance on wealth tax liability for assets used in business activities. Case-Laws Income Tax Thu, 01 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60627