https://www.taxtmi.com/caselaws?id=379166 The Tribunal ruled in favor of the assessee, determining that the agricultural land should not be considered as part of the net wealth for wealth-tax purposes. The Tribunal relied on government records and evidence of agricultural use presented by the assessee to support this decision. By excluding the land from the wealth calculation, the Tribunal indirectly dismissed the initiation of penalty under section 18(1)(c) of the Wealth-tax Act, as the penalty was primarily linked to the inclusion of the land in the wealth assessment, which was now overturned. en-us Thu, 28 Mar 2019 00:00:00 +0530 Mon, 29 Apr 2019 06:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379166 The Tribunal ruled in favor of the assessee, determining that the agricultural land should not be considered as part of the net wealth for wealth-tax purposes. The Tribunal relied on government records and evidence of agricultural use presented by the assessee to support this decision. By excluding the land from the wealth calculation, the Tribunal indirectly dismissed the initiation of penalty under section 18(1)(c) of the Wealth-tax Act, as the penalty was primarily linked to the inclusion of the land in the wealth assessment, which was now overturned. Case-Laws Wealth-tax Thu, 28 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379166