https://www.taxtmi.com/caselaws?id=21954 The court granted exemption for tea bushes under the Wealth-tax Act, allowing the deduction of the value of "two leaves and bud" as a growing crop. However, the exemption claim for rubber trees was rejected, as the court upheld the decision that rubber plants do not qualify as growing crops. The assessing authority was directed to recalculate the net wealth by deducting the value of the tea bushes' leaves. The court ruled in favor of the Department regarding the exemption of rubber trees from wealth tax under section 5(1)(viiia) of the Wealth-tax Act and forwarded the judgment to the Income-tax Appellate Tribunal, Cochin Bench for further action. en-us Tue, 23 Jul 1991 00:00:00 +0530 Sat, 05 Dec 2009 10:45:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21954 The court granted exemption for tea bushes under the Wealth-tax Act, allowing the deduction of the value of "two leaves and bud" as a growing crop. However, the exemption claim for rubber trees was rejected, as the court upheld the decision that rubber plants do not qualify as growing crops. The assessing authority was directed to recalculate the net wealth by deducting the value of the tea bushes' leaves. The court ruled in favor of the Department regarding the exemption of rubber trees from wealth tax under section 5(1)(viiia) of the Wealth-tax Act and forwarded the judgment to the Income-tax Appellate Tribunal, Cochin Bench for further action. Case-Laws Wealth-tax Tue, 23 Jul 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21954