https://www.taxtmi.com/caselaws?id=326734 For wealth-tax valuation, an inflated report obtained for bank finance may be rejected where it does not reflect fair market value, and the assessee's valuation may be accepted when it is broadly supported by the Government ready reckoner and the Departmental Valuation Officer's estimate. Agricultural land that remains under cultivation and has no non-agricultural permission continues to retain its agricultural character and falls outside the definition of taxable assets; the retrospective amendment to the relevant definition also supported exclusion. The Revenue's challenge therefore failed on both issues, and the additions were not sustained. en-us Fri, 19 Feb 2016 00:00:00 +0530 Sat, 23 Apr 2016 10:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326734 For wealth-tax valuation, an inflated report obtained for bank finance may be rejected where it does not reflect fair market value, and the assessee's valuation may be accepted when it is broadly supported by the Government ready reckoner and the Departmental Valuation Officer's estimate. Agricultural land that remains under cultivation and has no non-agricultural permission continues to retain its agricultural character and falls outside the definition of taxable assets; the retrospective amendment to the relevant definition also supported exclusion. The Revenue's challenge therefore failed on both issues, and the additions were not sustained. Case-Laws Wealth-tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326734