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2006 (8) TMI 143 - KARNATAKA HIGH COURTWhile completing the wealth-tax assessment, the Wealth-tax Officer brought the value of "jeep" to wealthtax which was claimed by the assessee as exemption. - "Whether, Tribunal is right in law in holding that the words 'motor car' used for the purpose of levy of wealth-tax on company would not comprehend 'jeep'?" - The object of including motor cars in section 40 of the Finance Act, 1983, was to refer to motor cars as 'assets', which are required to be taken note of while computing the net wealth of closely held companies. 'Assets' referred to in the relevant provision cover a wide spectrum starting from gold covering precious stones, metals, lands, buildings, debts as also motor cars. Similarly, in the context in which the term is found in the provision it is meant to cover all motor vehicles other than heavy vehicles, such as lorries and buses. Hence, the term 'motor car' includes jeeps." – question is answered in favour of revenue
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