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TMI Blog2019 (4) TMI 1585X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Assets like factory building and motor cars leased out by the Assessee to the third party was subject to wealth tax as per clause (vi) of Section 40 (3) of the Finance Act 1943. 2. The observations of the learned Tribunal are quoted below for ready reference: "12.After hearing both the parties, we find that the issue has been settled in favour of the Revenue by the decision of the Hon'ble Madras High Court in the case of K.N.Chari Rubber & Plastics P. Ltd. V.CWT (260 ITR 164) (Mad). In that case also, the assessee had leased out assets consisting of factory, building and motor cars. The Hon'ble High Court, referred to clause (vi) of Section 40 (3) of the Finance Act, 1983, which reads as under:- "(vi) building or land ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the amendment incorporated to the word "asset" by the Finance Act, 1992 with effect from 1.4.1993 has not been taken into consideration? 4. The learned counsel for the Appellant had urged that the said provisions of Section 40 A(3) introduced by the Finance Act, 1983 were omitted with effect from 01.04.1993 by Finance Act, 1992 for the Assessment Year 1998-1999, involved in the present case. The learned counsel for the Assessee submitted that the Tribunal was bound to consider the definition of 'Asset' under Section 2 (ea) of the Wealth Tax 1957 with effect from 01.04.1993 which reads as under: "Section 2(ea): "assets" in relation to the assessment year commencing on the 1st day of April, 1993, or land appurtenant thereto (herein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... PLASTICS P LTD. VS.COMMISSIONER OF WEALTH TAX reported in (2003) 260 ITR 164. Therefore, he submitted that the Appeal may be restored back to the Income Tax Appellate Tribunal for deciding the Appeal afresh in accordance with law. 6.The learned counsel for the Revenue submitted that this aspect of the matter appears to have been escaped from the notice of the learned Tribunal. 7. In view of the aforesaid facts and circumstances of the case, we are of the opinion that the matter deserves to be remanded back to the Income Tax Appellate Tribunal and the learned Income Tax Appellate Tribunal is requested to look into the amended position of law with effect from 01.04.1993 by insertion of definition of 'Asset' under Section 2 (ea) of t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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