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TMI Blog2006 (8) TMI 143X X X X Extracts X X X X X X X X Extracts X X X X ..... rds 'motor car' used for the purpose of levy of wealth-tax on company would not comprehend 'jeep'?" - The object of including motor cars in section 40 of the Finance Act, 1983, was to refer to motor cars as 'assets', which are required to be taken note of while computing the net wealth of closely held companies. 'Assets' referred to in the relevant provision cover a wide spectrum starting from gol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r car. The Wealth-tax Officer did not accept the contentions of the assessee. On appeal, the Commissioner rejected the case of the assessee. The Tribunal, in second appeal, accepted the case of the assessee and ruled that "jeep" is not a motor car. In the circumstances, a reference was sought for and reference is made with regard to the following question of law: "Whether, on the facts and in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. A Division Bench of the Kerala High Court in the case of Commr. of Agrl. I. T. v. Good Hope Plantation [1988] 170 ITR 173 has chosen to hold as under: "In common parlance, a jeep is understood as a sturdy motor car. That is the meaning given to the word 'jeep' in the Concise Oxford Dictionary, which is in harmony with the definition of 'motor car' under section 2(16) of the Motor Vehicles ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of a definition in the enactment does not come in the way of such a construction. In a taxing statute, whenever the court finds ambiguity, it would generally lean in favour of the assessee. The object of including motor cars in section 40 of the Finance Act, 1983, was to refer to motor cars as 'assets', which are required to be taken note of while computing the net wealth of closely held compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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