https://www.taxtmi.com/caselaws?id=27060 Omission to disclose substantial land holdings and compensation receivable justified reopening under the reassessment provision, so the reassessments were not time-barred. Lands within municipal limits were not treated as agricultural for wealth-tax because revenue entries created only a rebuttable presumption, which was displaced by evidence of no real agricultural user and suitability for construction; the exemption claim failed. A right to receive compensation for acquired land was an includible asset, to be valued on the valuation date; the 40% estimate was sustained. Lands under an agreement for sale remained with the assessee because title had not passed by registered conveyance and section 53A was not established. en-us Tue, 18 Dec 1984 00:00:00 +0530 Wed, 10 Feb 2010 15:18:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27060 Omission to disclose substantial land holdings and compensation receivable justified reopening under the reassessment provision, so the reassessments were not time-barred. Lands within municipal limits were not treated as agricultural for wealth-tax because revenue entries created only a rebuttable presumption, which was displaced by evidence of no real agricultural user and suitability for construction; the exemption claim failed. A right to receive compensation for acquired land was an includible asset, to be valued on the valuation date; the 40% estimate was sustained. Lands under an agreement for sale remained with the assessee because title had not passed by registered conveyance and section 53A was not established. Case-Laws Wealth-tax Tue, 18 Dec 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27060