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TMI Blog2002 (9) TMI 48X X X X Extracts X X X X X X X X Extracts X X X X ..... company and such inclusion is against the intention of the Legislature? 2. Whether, the Tribunal was right in holding that the expression 'motor cars' occurring in section 40(3)(vii) of the Finance Act, 1983, leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the block of assets for depreciation under section 32 of the Income tax Act 1961, as part of the plant and machinery, should be construed as motor cars simpliciter as specified for the purpose of section 40(3)(vii) of the Finance Act, 1983? 3. Whether, the Tribunal was right in holding that the factory building at Avadi cannot be treated as business asset used for the purpose of business of the appellant-company as per interpretation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the wealth-tax is to be paid by such companies. Clauses (v), (vi) and (vii) read thus "40. (3)(v) land other than agricultural land (vi) building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, Warehouse, hotel or office for the purposes of its business or as residential accommodation for its employees or as a hospital, creche, school, canteen, library, recreational centre, rest room or lunch room mainly for the welfare of its employees and the land appurtenant to such building or part: Provided that each such employee is an employee whose income (exclusive of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head 'Salaries' u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e who had installed machinery therein and was using the same for the manufacture of cork which was the business of the lessee. The use of the building as a factory and the business carried on therein was by the lessee of the assessee and not by the assessee. Moreover, even the assessee had accounted for the rental income from that property as income from other sources and not as business income. We, therefore, do not find any error in the order of the Tribunal as also of the statutory authorities who have rightly held that the factory building was not to be excluded while considering the assets required to be valued for the purpose of wealth-tax. All questions referred to us are, therefore, answered in favour of the Revenue and against th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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