2002 (9) TMI 64

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..... n referred to us for our consideration, at the instance of the Revenue, is as to whether on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the value of motor cars is not includible in the net wealth as they have been held as stock-in-trade by the assessee? The assessment year is 1984-85. The provisions of the Wealth-tax Act as amended by se .....

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..... must be given its plain meaning though the section was amended subsequently late in the year 1989, to exclude the value of stock-in-trade. That amendment was not given retrospective effect so as to benefit the assessees in this assessment year. A benefit subsequently given by way of an amendment cannot on that score alone be regarded as having been already given, unless de hors that amendment, the .....

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..... inst the assessee. Learned counsel for the assessee brings to our notice that the Commissioner as also the Tribunal had not gone into the claim made by the assessee that some cars were sold during the assessment year and, therefore, the value of those cars should have been excluded. We find substance in that submission, having perused the order of the Tribunal and of the Commissioner. We, therefo .....

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