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TMI Blog1990 (3) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year commencing from 1st day of April, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which public are substantially interested, at the rate of 2% of such net wealth. 3. In sub-section (2) of section 40 of the said Finance Act, 1983, it has been provided that for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3) belonging to the company on the valuation date is in excess of aggregate value of all debts which are secured on or which have been incurred in relation to the said assets. 4. In sub-section (3) various assets are enumerated. Briefly stated, they are, gol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... learned CWT(A) has relied on the decision of the Tribunal in the case of Kirloskar Consultants Ltd. [IT Appeal No. 1934 (Pune) of 1985, dated 16-9-1987]. In that case the expression " motor cars " in section 37(3B)(ii) came up for interpretation. The expenditure incurred on items referred to in sub-section (3B) of section 37 was to certain extent mentioned in sub-section (3A) was disallowable in computation of profits and gains of business. Item mentioned in clause (ii) of sub-section (3B) of section 37 was " running and maintenance of aircraft and motor cars ". The question before the Tribunal was whether expenditure on running and maintenance of " jeeps " came within the ambit of said clause. Said expenditure would come under clause (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... used to give motion or perform work. A car is generally stated to be a vehicle moving on wheels. A " motor car " is generally stated to be an automobile, a car containing motors for propulsion. It is thus obvious that the word " motor car " is a generic word. It is not specified to any particular vehicle. The expresion " motor car " has been defined in section 2(16) of the Motor Vehicle Act. As a motor vehicle other than a transport vehicle, ominibus, road rollers, tractors, motor cycle or invalid carriage and any motor vehicle adapted for use or carry not more than six passengers excluding the driver for hire or reward. Obviously jeep which is used as passenger car comes within the definition of " motor car " in the Moter Vehicle Act. Eve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said meaning was in harmony with the definition of " motor car " under section 2(16) of the Motor Vehicle Act, 1939. 12. The learned counsel for the assessee submitted before us that we should not follow said decision in the present case because the expression " motor car " was interpreted in said decision in the context of an entry in the Agricultural Income-tax Rules. He referred to the decision in CGT v. N.S. Getti Chettiar [1971] 82 ITR 599 (SC) for rule of interpretation. We are unable to accept this submission. It is true that the meaning which a particular expression would take would be in accordance with the context in which said expression occurs. 13. We have considered the context in which the expression " motor car " occ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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