Converted land loses agricultural character for wealth-tax purposes and remains includible as an asset in net wealth.

Land validly converted from agricultural to non-agricultural use ceased to retain agricultural character for wealth-tax purposes and was treated as an asset includible in net wealth. The Tribunal relied on the conversion order and the restriction to the converted use, rejected the contention that continued cultivation and revenue records preserved agricultural status, and followed its earlier view in the co-owner's case over the same land. The valuation challenge also failed because the valuation report had been considered after objections were addressed, so no interference with the adopted valuation was warranted.

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Issues: Whether land that had been converted for non-agricultural use ceased to be agricultural land and became an asset chargeable to wealth tax under the Wealth-tax Act, and whether the valuation adopted required interference.

Analysis: The land was found to have been converted on the assessee's application for non-agricultural purposes, and the conversion order imposed conditions restricting its use to the converted purpose. On the facts, the assessee had pursued conversion and the authorities had treated the land as non-agricultural. The Tribunal followed its earlier decision in the co-owner's case on the same land and held that once the land stood converted for non-agricultural use, its character as agricultural land ceased for wealth-tax purposes. The plea based on continued agricultural use and revenue records was rejected. The valuation objection was also found untenable because the valuation report had been considered after dealing with objections.

Conclusion: The land was held to be an asset chargeable to wealth tax, and the assessment and valuation were upheld.

Final Conclusion: The appeals failed because the converted land was treated as non-agricultural urban land includible in net wealth, and no interference was warranted with the valuation adopted.

Ratio Decidendi: Land validly converted for non-agricultural use ceases to retain the character of agricultural land for wealth-tax purposes and becomes includible as urban land within the definition of asset.

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