2019 (4) TMI 1585

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....t the Assets like factory building and motor cars leased out by the Assessee to the third party was subject to wealth tax as per clause (vi) of Section 40 (3) of the Finance Act 1943. 2. The observations of the learned Tribunal are quoted below for ready reference: "12.After hearing both the parties, we find that the issue has been settled in favour of the Revenue by the decision of the Hon'ble Madras High Court in the case of K.N.Chari Rubber & Plastics P. Ltd. V.CWT (260 ITR 164) (Mad). In that case also, the assessee had leased out assets consisting of factory, building and motor cars. The Hon'ble High Court, referred to clause (vi) of Section 40 (3) of the Finance Act, 1983, which reads as under:- "(vi) building or land app....

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....he amendment incorporated to the word "asset" by the Finance Act, 1992 with effect from 1.4.1993 has not been taken into consideration? 4. The learned counsel for the Appellant had urged that the said provisions of Section 40 A(3) introduced by the Finance Act, 1983 were omitted with effect from 01.04.1993 by Finance Act, 1992 for the Assessment Year 1998-1999, involved in the present case. The learned counsel for the Assessee submitted that the Tribunal was bound to consider the definition of 'Asset' under Section 2 (ea) of the Wealth Tax 1957 with effect from 01.04.1993 which reads as under: "Section 2(ea): "assets" in relation to the assessment year commencing on the 1st day of April, 1993, or land appurtenant thereto (hereina....