https://www.taxtmi.com/caselaws?id=14669 The Supreme Court held that the Wealth-tax Act's application in Jammu and Kashmir under Article 370 was constitutionally valid under entry 86 of List I of the Constitution. The Act, taxing individuals based on net wealth, excluding agricultural land, falls under the Union List. The Court rejected arguments for a different valuation method, emphasizing net wealth calculation. The High Court corrected the Tribunal's error, affirming the Act's validity and ruling in favor of the Revenue, with no costs for the assessee. en-us Tue, 03 Oct 2000 00:00:00 +0530 Fri, 17 Jul 2009 18:32:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14669 The Supreme Court held that the Wealth-tax Act's application in Jammu and Kashmir under Article 370 was constitutionally valid under entry 86 of List I of the Constitution. The Act, taxing individuals based on net wealth, excluding agricultural land, falls under the Union List. The Court rejected arguments for a different valuation method, emphasizing net wealth calculation. The High Court corrected the Tribunal's error, affirming the Act's validity and ruling in favor of the Revenue, with no costs for the assessee. Case-Laws Wealth-tax Tue, 03 Oct 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14669