https://www.taxtmi.com/caselaws?id=36766 The High Court upheld the Tribunal's finding that income from agricultural land is excluded from the definition of "asset" under the Wealth-tax Act, preventing its inclusion in net wealth calculation. Regarding the capitalized value of sayar income, the Court ruled it should be classified as income from agricultural land exempt under the Act, not as interest in non-agricultural property. The Court clarified that section 2(e)(v) pertains to non-agricultural land, while agricultural land falls under the exemption in section 2(e)(i). The assessee was awarded costs of Rs. 250. en-us Thu, 15 Dec 1977 00:00:00 +0530 Wed, 24 Mar 2010 13:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36766 The High Court upheld the Tribunal's finding that income from agricultural land is excluded from the definition of "asset" under the Wealth-tax Act, preventing its inclusion in net wealth calculation. Regarding the capitalized value of sayar income, the Court ruled it should be classified as income from agricultural land exempt under the Act, not as interest in non-agricultural property. The Court clarified that section 2(e)(v) pertains to non-agricultural land, while agricultural land falls under the exemption in section 2(e)(i). The assessee was awarded costs of Rs. 250. Case-Laws Wealth-tax Thu, 15 Dec 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36766