TEXT OF SECTION 40 OF THE FINANCE ACT, 1983

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....alth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), wealth-tax shall be charged under the Wealth-tax Act for every assessment year commencing on and from the 1st day of April, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which the public are substantially interested, at the rate of two per cent of such net wealth :      Provided that the amount of wealth-tax computed in accordance with the provisions of this sub-section shall, in relation to the assessment year commencing on the 1st day of April, 1988, be increased by a surcharge calculated at the rate of ten per cent of such wealth-tax.      Explanati....

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....niture, utensil or other article or worked or sewn into any wearing apparel;            (iii)  ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stone, and whether or not worked or sewn into any wearing apparel;            (iv)  utensils made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals;              (v)  land other than agricultural land :   &nb....

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....gned to it in Explanation 1 to section 13 of the Income-tax Act;            (vii)  motor-cars; and            (viii)  any other asset which is required or represented by a debt secured on any one or more of the assets referred to in clause (i) to clause (vii) :      Provided that this section shall not apply to any asset referred to in clause (i), (ii), (iii), (iv), (v) or (vi), which is held by the assessee as stock-in-trade in a business carried on by it or, in the case of motor-cars referred to in clause (vii), they are held as stock-in-trade in such business or registered as taxies and used as such i....