Business premises exemption for agricultural land under wealth-tax law was applied consistently with prior precedent.

Agricultural land was treated as falling within the expression "business premises" in Schedule, Part I, Paragraph B, Rule 1(i) of the Wealth-tax Act, 1957 for the exemption from additional wealth-tax. The governing construction was already covered by earlier precedent, and that interpretation was followed without departure, so the land remained outside the additional wealth-tax charge. The assessee's position was accepted and the Revenue's contrary view failed.

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Issues: Whether agricultural lands of the assessee fell within the expression "business premises" in Schedule, Part I, Paragraph B, Rule 1(i) of the Wealth-tax Act, 1957 and were therefore exempt from additional wealth-tax.

Analysis: The question was treated as covered by earlier decisions of the same High Court, which had taken the view that agricultural lands could fall within the relevant expression for the purpose of the exemption. The Court followed that line of authority and found no reason to depart from it.

Conclusion: The issue was answered in the affirmative. The assessee succeeded and the Revenue failed.

Ratio Decidendi: Where the governing exemption entry is already interpreted by binding or persuasive precedent to include the relevant land use, the same construction applies and the property is excluded from additional wealth-tax.

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