Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2003 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2003 (12) TMI 3 - MADRAS HIGH COURTImmovable properties held as business assets - scope of section 40(3) of Finance Act, 1983 - assessee contends that the value of the assets should not be taken into account for determining the assessee's liability is that these assets are held by the assessee as stock-in-trade - "Whether Tribunal is right in law in holding that the immovable properties held as business assets cannot form part of the subject matter of wealth-tax?" - non-exclusion of stock-in-trade from the ambit of levy of wealth tax cannot per se be regarded as an "obvious omission", nor is giving it immunity from levy of wealth-tax necessary for reasonably interpreting the unamended provision. - We do not therefore see any good reason to depart from the view taken by this court in the earlier decision that the Finance Act, 1988 which amended portions of the Finance Act, 1983, and extended the exemption from wealth tax, inter alia, to the value of cinema house and the value of stock-in-trade, is not retrospective. The question is answered in favour of the Revenue
|