Law: Wealth Tax Act, 1957

Section: 27,5(1)(ivA),2(e)(i)

Wealth tax--- ----Exemptions---Agricultural land---Whether land agricultural---Factors to be considered---Very small portion of land used for agricultural operations--­Land level with road and surrounded by housing societies---Area covered in town planning scheme of municipal corporation---Appellate Assistant Commissioner holding land not agricultural---Tribunal on basis of assessment order for subsequent years holding land agricultural---Not justified---Matter remanded---Indian Wealth Tax Act, 1957, S.5(1)(iv-a). The assessee in his wealth tax returns for the assessment years 1970-71 to 1974-75 showed that he had a 1/7th share in certain lands. The Wealth Tax Officer referred the valuation of the land to the Departmental Valuation Officer (Land and Buildings) and accepting his valuation made the assessment. The assessee appealed contending that the lands were agricultural lands and the valuation should have been done by an expert in valuing agricultural lands. The Appellate Assistant Commissioner on personal inspection found that only a part of the land was under cultivation, that from the total area of 16.22 acres, the area under cultivation was not more than one acre, that the area, excepting the portion where agricultural operations were carried out, was at the level of the main road with no water supply for cultivation purposes, that the area was surrounded by housing societies and the land abutted on the road connecting the city with the airport, and further that the area was covered under the Town Planning Scheme of the Baroda Municipal Corporation. On the basis of these factors, he held that the land should be treated primarily as non-agricultural land. On further appeal, the Tribunal, on the basis of the orders of the Wealth Tax Officer for the subsequent assessment years 1975-76 to 1977-78, held that the lands in question were to be treated as agricultural lands. On a reference: Held, that in view of the material which was on record before the Tribunal, as reflected in the order of the Appellate Assistant Commissioner, the Tribunal was not justified, without going into the relevant aspects, merely on the basis of the orders of the Wealth Tax Officer…

Deprecated: trim(): Passing null to parameter #1 ($string) of type string is deprecated in /home/digixyei/sldsystempk.com/view/master-layout/view_case.php on line 492