If leasing company have a motor cars and used in business then it will include in net wealth or not ?
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 26 March 2010
Are the questions that you raise arise out of studying or day to day queries? Your queries can be answered just by reading the bare act of the acts.
Nothing worng in it. But just out of curiosity. It does help to brush us of our concepts.
As for your query as per defination of assets for motor car, motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade)
So not includible.
CAclubindia
