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of <h1>Supreme Court Appeal Sought After High Court Rules Wealth Tax on Agricultural Lands Unconstitutional in Punjab & Haryana.</h1> The circular addresses the amendment to the Wealth Tax Act, 1957, effective from April 1, 1970, which included agricultural lands as taxable assets under section 2(e). A ruling by the Punjab and Haryana High Court declared this amendment unconstitutional. The Board disagrees with this decision and has sought to appeal to the Supreme Court. Meanwhile, wealth tax assessments on agricultural lands should continue in jurisdictions outside Punjab and Haryana. In Punjab and Haryana, no further action should be taken unless the High Court's decision is overturned or the Supreme Court rules differently. Instructions will be issued by relevant authorities.
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