Law: Wealth Tax Act, 1957

Section: Sch.,PartI,ParaB,R.1(i),5(1)(xviii),2(q) ,7(1)

Wealth tax---- ----Additional Wealth Tax ---Exemption---agricultural lands of assessee covered by expression "business premises"---Entitled to exemption from additional Wealth Tax---Indian Wealth Tax Act 1957, Sch., Part I, Para B, R.1(i). The agricultural lands of the assesee were covered by the expression "business premises" as defined in rule 1(i) of Paragraph B of Part I of the Schedule to the Wealth Tax Act, 1957, and was thus exempt from charge of additional Wealth Tax. CWT v. Hari Singh (1980) 123 I.T.R 558 (P&H); CWT v. Devinder Kaur (Smt.) (1984) 146 ITR 234 (P&H) and CWT v. Jaidev Inder Singh (1992) 195 ITR 367 (P&H) fol. (b) Wealth tax--- ---- Exemption---Land originally received as military grant---Not entitled to exemption---Indian Wealth Tax Act, 1957, S.5(1)(xviii). Assessee was not entitled to exemption under section 5(1)(xviii) of the Wealth Tax Act, 1957, on account of land originally received as Military Grant. CWT v. Baidev Inder Singh (S.) (1993) 203 ITR 837 (P&H) fol. (c) Wealth tax--- ---- Valuation of assets---Agricultural lands acquired compulsorily by Land Acquisition Collector---Valuation based on award of Land Acquisition Collector---Appeal from award pending---Question whether assessee was entitled to a discount on the valuation could not be answered---Indian Wealth Tax Act, 1957. The land of the assessee was acquired under the provisions of the Land Acquisition Act. On the basis of the award given by the Land Acquisition Collector, fixing the market value of the acquired land at the rate of Rs.9 per square yard, the assets of the assesee were determined for the assessment year 1974-75. This was upheld by the Tribunal. On a reference, it was contended by the assessee that it was entitled to a discount on the value: Held, that the question as framed did not arise on the facts and circumstances of this case. As and when the rate of Rs.9 per square yard was altered in appeal, which was stated to be pending against the order of the Land Acquisition Collector, the question would arise either in rectification proceedings or in assessment proceedings for the year for treating the enhanced compensation amount as wealth and…

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