https://www.taxtmi.com/caselaws?id=5090 The court upheld the constitutionality of Parliament's power to levy wealth-tax on total assets, including non-agricultural lands and buildings. It clarified that wealth-tax is imposed on the net wealth of the assessee on the valuation date, not solely on the increase in wealth. The court emphasized Parliament's exclusive jurisdiction to legislate on the capital value of assets and dismissed challenges to the Wealth-tax Act, affirming the validity of asset valuation provisions and the Act's imposition of tax on total assets owned by the assessee. en-us Tue, 23 Apr 1968 00:00:00 +0530 Tue, 14 Jan 2014 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5090 The court upheld the constitutionality of Parliament's power to levy wealth-tax on total assets, including non-agricultural lands and buildings. It clarified that wealth-tax is imposed on the net wealth of the assessee on the valuation date, not solely on the increase in wealth. The court emphasized Parliament's exclusive jurisdiction to legislate on the capital value of assets and dismissed challenges to the Wealth-tax Act, affirming the validity of asset valuation provisions and the Act's imposition of tax on total assets owned by the assessee. Case-Laws Wealth-tax Tue, 23 Apr 1968 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5090