https://www.taxtmi.com/caselaws?id=7127 Agricultural machinery may be treated as tools or implements for wealth-tax exemption if it is used for raising agricultural produce; on the facts, stationary wire ropes and crab winches qualified, while other machinery and vehicles were not shown to meet that use test. Residential quarters provided for employees were not covered by the dwelling-house deduction available to a company. An amount kept in abeyance against income-tax was a contingent liability and did not become a debt owed until the contingency occurred. Tube-wells and water-supply plant permanently fixed to agricultural land were treated as part of the land and excluded from net wealth. en-us Fri, 28 Jul 1967 00:00:00 +0530 Tue, 10 Feb 2009 19:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=7127 Agricultural machinery may be treated as tools or implements for wealth-tax exemption if it is used for raising agricultural produce; on the facts, stationary wire ropes and crab winches qualified, while other machinery and vehicles were not shown to meet that use test. Residential quarters provided for employees were not covered by the dwelling-house deduction available to a company. An amount kept in abeyance against income-tax was a contingent liability and did not become a debt owed until the contingency occurred. Tube-wells and water-supply plant permanently fixed to agricultural land were treated as part of the land and excluded from net wealth. Case-Laws Wealth-tax Fri, 28 Jul 1967 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=7127