The cars used in the business are considered as productive and ...

Business Cars Classified as Productive Assets, Not Taxable u/s 2(ea)(ii) of Wealth Tax Act.

May 16, 2016

Case Laws Wealth-tax AT

The cars used in the business are considered as productive and should be treated similar to ‘plant and machinery’. In our view, these cars are not assets u/s 2(ea)(ii) of the Wealth Tax Act - AT

View Source

← Previous Next →

The cars used in the business are considered as productive and ...

Business Cars Classified as Productive Assets, Not Taxable u/s 2(ea)(ii) of Wealth Tax Act.

May 16, 2016

Case Laws Wealth-tax AT

You may also like:

Wealth tax - the commercial asset used by the assessee substantially and partly given on lease are not business assets and thus includible into the 'net wealth' u/s...

Business premises let out - Whether assessable as assets under section 2(ea) of Wealth tax or not - premises were not covered by exclusions provided under section 2(ea)(i) - AT

Inclusion of let out property in the wealth tax assessment - scope and ambit of wealth tax u/s 2(ea)(i)(5) - wealth tax is not to be levied on productive assets - AT

Proposed amendment enables recovery of existing liabilities under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 from seized assets...

Valuation of property - Section 2(ea) of Wealth Tax Act, 1957 - whether security taken for lease of asset would be treated as debt - held No - AT

Inclusion of Agricultural lands for the purpose of wealth tax - Once the lands are classified as agricultural lands, in the revenue records of Government and used for...

Inclusion of aircraft in the wealth tax assessment - co-ownership of the aircraft - value of aircraft, which is used in the assessee’s business, cannot be included in...

Determination of net wealth of assessee - Renting of property - once the rental income from the property is treated as “business income” and the character of the asset...

Warehouse utilized for business purposes by the assessee hence exempt u/s 2(ea)(i)(3) of the Wealth Tax Act - AT

Imposition of wealth tax - Once the non-productive asset like urban land is converted to a productive asset like a building which qualifies for exemption, then the...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Scope of Assets u/s 2(ea) of Wealth Tax Act, 1957 - inclusion of residential building let out and only for brief period the property was vacant - Letting out period is...

Capital asset u/s 2(14) - whether loan given to its subsidiary in India, by the foreign company constitute capital asset - Held Yes - Revenue has not been able to point...

Wealth Tax - The mere fact that there is land and building owned by the company and it is not used for the purposes of business is sufficient to hold that these assets...

Wealth Tax Liability - Whether Club can be treated as "Association of Person"? - Charging provisions under the Income Tax versus under the Wealth Tax - This argument of...

Quick Updates: