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2002 (9) TMI 48 - HC - Wealth-tax"1. Whether, the Tribunal was right in holding that the value of the motor cars, land at Pallikaranai village and factory building at Avadi are includible in the net wealth of the appellant-company despite the fact that all of them were acquired out of own funds of the appellant-company and such inclusion is against the intention of the Legislature? - 2. Whether, the Tribunal was right in holding that the expression 'motor cars' occurring in section 40(3)(vii) of the Finance Act, 1983, leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the block of assets for depreciation under section 32 of the Income tax Act 1961, as part of the plant and machinery, should be construed as motor cars simpliciter as specified for the purpose of section 40(3)(vii) of the Finance Act, 1983? - 3. Whether, the Tribunal was right in holding that the factory building at Avadi cannot be treated as business asset used for the purpose of business of the appellant-company as per interpretation of section 40(3)(vi), in the facts and circumstances of the case?" - We, therefore, do not find any error in the order of the Tribunal as also of the statutory authorities who have rightly held that the factory building was not to be excluded while considering the assets required to be valued for the purpose of wealth-tax. - All questions referred to us are, therefore, answered in favour of the Revenue and against the assessee.
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