https://www.taxtmi.com/caselaws?id=15240 Agricultural land used in the assessee's business or profession may fall within the exemption from additional wealth-tax even if it lies within eight kilometres of municipal limits. The relevant schedule provision excludes land and building used for business purposes, and agricultural activity carried on with a profit motive and as an organised course of dealings can itself amount to business. Properties used for a cotton press and ginning factory, including a godown, were likewise treated as business assets on the factual finding that they were used in the assessee's business, and therefore qualified for the exemption. en-us Wed, 06 Oct 1999 00:00:00 +0530 Mon, 03 Aug 2009 18:33:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15240 Agricultural land used in the assessee's business or profession may fall within the exemption from additional wealth-tax even if it lies within eight kilometres of municipal limits. The relevant schedule provision excludes land and building used for business purposes, and agricultural activity carried on with a profit motive and as an organised course of dealings can itself amount to business. Properties used for a cotton press and ginning factory, including a godown, were likewise treated as business assets on the factual finding that they were used in the assessee's business, and therefore qualified for the exemption. Case-Laws Wealth-tax Wed, 06 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15240