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TMI Blog2011 (7) TMI 1144X X X X Extracts X X X X X X X X Extracts X X X X ..... amony, Accountant Member. This is an appeal filed by the assessee raising following grounds :- (1) the ld. CIT(A) erred on facts and in law in holding that the appellant is not saved from levy of wealth tax from exclusion category specified in definition of motor cars in section 2(ea) of Wealth Tax Act, 1957. (2) the ld. CIT(A) erred on facts and in law in holding that the appellant is liable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... visions of the Act. However, the assessee company in response to the notice u/s 17 filed its return of Wealth declaring the taxable wealth as NIL on 21.12.2006. Thereafter the Wealth tax assessment was completed on 28.12.2006 on a total wealth at ₹ 1,95,78,323/-. In the assessment the Ld. WTO denied the claim of the assessee that the motor cars owned by the assessee and used by it for the pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . However, the ld. WTO did not agree with the submissions of the assessee and arrived at the taxable wealth at ₹ 1,80,78,323/-after allowing the basic deduction of ₹ 15,00,000/- as per section 5 of the W.T.Act. 3. The assessee went on appeal before the CWT(A) wherein similar arguments were made and the decision of Delhi High Court in the case of CIT vs. Bansal Credits Ltd. 259 ITR 69 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lant company were not hiring out the vehicles as stipulated under the Income-tax Act and therefore, liable to the levy of the tax. He further prayed that the order of the ld. CWT(A) may be sustained. 6. We have heard the rival submissions and perused the materials on record. The CWT(A) in his conclusion has stated that it is not clear whether the vehicles were used for hiring of the vehicles or f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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