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2016 (1) TMI 443 - AT - Wealth-taxInclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - exception u/s.2(ea)(iv) of the Wealth Tax Act - Held that:- value of aircraft, which is used in the assessee’s business, cannot be included in taxable wealth and the exception provided u/s.2(ea)(iv) of the Wealth Tax Act is attracted. Merely because the Revenue has not accepted the decision of the Tribunal and an appeal has been filed before the Hon’ble Bombay High Court, the same in our opinion, cannot be a valid reason to take a different view other than the view taken by the Tribunal until and unless such view is reversed by a Higher Court. - Decided against the revenue.
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