TMI Blog2002 (9) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 40(3) of the Finance Act, 1983, as they stood in this assessment year, do not permit the exclusion of stock-in-trade from the list of assets to be valued for the purpose of wealth-tax. Though the assessee is a dealer in motor cars and held some of the cars as stock-in-trade, in view of the specific provision for valuing motor cars as part of the taxable wealth, the valuation of those ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 1984-85. The provisions of the Wealth-tax Act as amended by section 40 of the Finance Act, 1983, as they stood in that assessment year, specifically provided for inclusion of the value of the motor cars in the assets of an assessee for the purpose of the assessment under the Wealth-tax Act. That was provided for in section 40(3)(vii) of the Finance Act, 1983. There was no provision made therei ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded as having been already given, unless de hors that amendment, the provision is capable of being read and understood as taking within its fold what was subsequently brought in by way of an amendment. The words used in section 40(3) of the Finance Act, 1983, as they stood in this assessment year, do not permit the exclusion of stock-in-trade from the list of assets to be valued for the purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perused the order of the Tribunal and of the Commissioner. We, therefore, remit the matter to the Tribunal to determine the number of cars which were held by the assessee for the purpose of sale and work out the value thereof, after taking note of the sales actually effected during the assessment year and also the cars for which the assessee had received the full value in that year. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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