https://www.taxtmi.com/caselaws?id=165298 A direct tax on buildings falls within Entry 49 of List II and does not become a tax on the capital value of assets under Entry 86 of List I merely because buildings form part of a person's assets. Retrospective operation does not violate Article 14 unless it destroys vested rights or imposes an unjustified new disability; the selected effective date was treated as non-arbitrary. "Building" includes the site and necessary appurtenances. Annual value may serve as the valuation base, with capital value determined through a capitalisation formula, where the method is non-confiscatory and supported by adequate assessment machinery. en-us Fri, 21 Sep 1979 00:00:00 +0530 Tue, 03 Mar 2020 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=165298 A direct tax on buildings falls within Entry 49 of List II and does not become a tax on the capital value of assets under Entry 86 of List I merely because buildings form part of a person's assets. Retrospective operation does not violate Article 14 unless it destroys vested rights or imposes an unjustified new disability; the selected effective date was treated as non-arbitrary. "Building" includes the site and necessary appurtenances. Annual value may serve as the valuation base, with capital value determined through a capitalisation formula, where the method is non-confiscatory and supported by adequate assessment machinery. Case-Laws Indian Laws Fri, 21 Sep 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=165298