- (1.) This appeal has been preferred by the assessee proposing following substantial question of law:- "Whether the Appellate Tribunal was right in law in holding that jeeps are motor cars within the definition of section 2(ea(ii) of the Wealth Tax Act and are thus assets liable to wealth tax?"
(2.) The assessee is a Corporation established by the State of Haryana. Assets of the assessee liable to wealth tax included jeeps. Contention of the assessee is that the jeeps were not covered by the definition of "assets" under section 2(ea) (ii) of the Wealth Tax Act, 1957 (for short, 'the Act'),which mentioned the word "motor cars". This objection was rejected by the authorities below including the Tribunal following judgment of the Madras High Court in Thirumagal Mills Limited v. Commissioner of Wealth Tax, (2000) 246 ITR 800.
(3.) We have heard learned counsel for the parties.;