Law: Wealth Tax Act, (XV of 1963)

Section: 2,2(16),16

Wealth Tax Act (XV of 1963)---Ss. 2(16) & 16---Wealth Tax Rules, 1963, R.8(3)---Levy of Wealth Tax on land---Assessee's agricultural land was found located adjacent to his house and was treated as an urban immovable property chargeable to tax---Properties of assessee which had mostly been given on rent were subjected to tax at a rate which was higher than ten times of rented value of the property---Car was also added in the wealth while exemption in respect of a carrier wagon was also disallowed---No distinction existed between an urban agricultural land or rural agricultural land---Land wherever cultivated and so included in revenue record, could be held as an agricultural land---Test was that same was actually cultivated and land revenue was being paid on the same having so registered in the revenue record---Three out of four co-owners of land in question had been allowed exemption, but assessee had been denied the said exemption---Treatment to assessee, in circumstances being unjustified, Assessing Officer was directed to delete entire agricultural land from the wealth of assessee---Premises which had been given on rent by assessee, would be assessed at ten times of actual rent received by assessee and property, if any, which had not been let out would remain at the same value on which Commissioner Income Tax (Appeals) had assessed---Regarding car, Assessing Officer would confirm that assessee was not owner of any car and then exclude the same while calculating the tax afresh--Wagon, however was considered as taxable as no proof for its use for agricultural purpose had been produced at any stage of proceedings. ORDER KHAWAJA FAROOQ SAEED (CHAIRPERSON).---All the four appeals have been filed by the assessee/appellant. The common issue in all-the four years is charge of agricultural land. 2. Brief facts leading to these appeals are that assessee is owner of a number of properties, these were subjected to tax for assessment years 1997-98 onwards against which appeals were filed. The assessee's agricultural land was found located adjacent to his house, hence was treated as an Urban immovable property chargeable to tax under the Wealth Tax Act (Repealed).…

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