https://www.taxtmi.com/caselaws?id=353298 Land validly converted from agricultural to non-agricultural use ceased to retain agricultural character for wealth-tax purposes and was treated as an asset includible in net wealth. The Tribunal relied on the conversion order and the restriction to the converted use, rejected the contention that continued cultivation and revenue records preserved agricultural status, and followed its earlier view in the co-owner's case over the same land. The valuation challenge also failed because the valuation report had been considered after objections were addressed, so no interference with the adopted valuation was warranted. en-us Fri, 15 Dec 2017 00:00:00 +0530 Wed, 03 Jan 2018 12:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=353298 Land validly converted from agricultural to non-agricultural use ceased to retain agricultural character for wealth-tax purposes and was treated as an asset includible in net wealth. The Tribunal relied on the conversion order and the restriction to the converted use, rejected the contention that continued cultivation and revenue records preserved agricultural status, and followed its earlier view in the co-owner's case over the same land. The valuation challenge also failed because the valuation report had been considered after objections were addressed, so no interference with the adopted valuation was warranted. Case-Laws Wealth-tax Fri, 15 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=353298