https://www.taxtmi.com/caselaws?id=61733 Agricultural land situated in an urban area does not qualify as "business premises" for exemption from additional wealth-tax unless it is used throughout the relevant year for an activity amounting to business or profession. The relevant expression "business" is confined to trade, commerce, manufacture, or an adventure in the nature of trade, and the land must be used in a manner capable of yielding taxable business profits. Agricultural operations, even if systematic, generate agricultural income from the land rather than profits and gains of business or profession, so urban agricultural land remains an urban asset liable to additional wealth-tax. en-us Tue, 26 Apr 1983 00:00:00 +0530 Fri, 14 Jan 2011 15:56:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61733 Agricultural land situated in an urban area does not qualify as "business premises" for exemption from additional wealth-tax unless it is used throughout the relevant year for an activity amounting to business or profession. The relevant expression "business" is confined to trade, commerce, manufacture, or an adventure in the nature of trade, and the land must be used in a manner capable of yielding taxable business profits. Agricultural operations, even if systematic, generate agricultural income from the land rather than profits and gains of business or profession, so urban agricultural land remains an urban asset liable to additional wealth-tax. Case-Laws Income Tax Tue, 26 Apr 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61733