Agricultural land character under wealth-tax depends on total facts, not mere development potential or a sale agreement.

For wealth-tax purposes, land must be classified on the totality of surrounding facts, and no single factor is decisive. Although the lands were within municipal limits, had development potential, and were covered by an agreement to sell for housing use, they remained recorded in revenue records as agricultural land and were cultivated up to and beyond the valuation dates. The agreement did not change their character because conversion to non-agricultural use still required permission, which the purchaser had to obtain. Mere potential for non-agricultural use affects valuation, not intrinsic character; absent evidence of actual conversion or intention to convert, the lands were agricultural.

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Issues: Whether the lands in question were agricultural land for wealth-tax purposes.

Analysis: The character of land must be determined on the totality of the facts and circumstances, and no single factor is ative. Although the lands were situated in a developed area, within municipal limits, and had high potential for non-agricultural use, they continued to be entered in the revenue records as agricultural land and were in fact cultivated up to and beyond the valuation dates. The agreement to sell to a housing society at a high price did not by itself alter the character of the land, because the purchaser had to secure the necessary permission for non-agricultural use and the risk of obtaining such permission lay with the purchaser. Mere potentiality for non-agricultural use affects valuation, not the intrinsic nature of the land, and the revenue failed to show any intention by the assessee to convert the land to non-agricultural use.

Conclusion: The lands were agricultural in character. As a result, no valuation issue survived on the footing adopted by the revenue.

Ratio Decidendi: Agricultural character is to be decided on the totality of circumstances, and mere potentiality or a sale agreement contemplating future non-agricultural use does not convert cultivated land into non-agricultural land absent evidence of a change in actual use or intention.

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