https://www.taxtmi.com/caselaws?id=64272 For wealth-tax purposes, the nature of land must be tested on the valuation date. Lands at S. Nos. 239 and 99 were treated as non-agricultural assets because S. No. 239 had already been agreed to be sold with possession delivered before the valuation date, while the agricultural-use claim for S. No. 99 was not pressed. S. No. 239 was valued on the basis of the final sale consideration, but with a reasonable discount for deferred receipt. S. No. 99, not ultimately acquired by the development authority, was valued on a proportionate basis consistent with the earlier valuation accepted in the assessee's own case. en-us Mon, 13 May 1996 00:00:00 +0530 Sat, 05 Feb 2011 17:24:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64272 For wealth-tax purposes, the nature of land must be tested on the valuation date. Lands at S. Nos. 239 and 99 were treated as non-agricultural assets because S. No. 239 had already been agreed to be sold with possession delivered before the valuation date, while the agricultural-use claim for S. No. 99 was not pressed. S. No. 239 was valued on the basis of the final sale consideration, but with a reasonable discount for deferred receipt. S. No. 99, not ultimately acquired by the development authority, was valued on a proportionate basis consistent with the earlier valuation accepted in the assessee's own case. Case-Laws Wealth-tax Mon, 13 May 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64272