https://www.taxtmi.com/caselaws?id=38736 Land retains agricultural character for wealth-tax purposes where it is recorded as agricultural, assessed to land revenue, and actually used for cultivation, and a mere agreement to sell does not by itself change that character. On those facts, lands connected with the Ciba of India, New Standard Engineering Co., and Nanubhai Industries remained exempt under section 2(e)(i) for the relevant years. By contrast, a parcel of 40,315 sq. yds. ceased to be agricultural land where it had not been cultivated for several years and the surrounding conduct showed abandonment of agricultural use and an intention to sell for non-agricultural purposes; that parcel was therefore includible in net wealth. en-us Fri, 25 Jul 1975 00:00:00 +0530 Thu, 08 Apr 2010 16:49:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38736 Land retains agricultural character for wealth-tax purposes where it is recorded as agricultural, assessed to land revenue, and actually used for cultivation, and a mere agreement to sell does not by itself change that character. On those facts, lands connected with the Ciba of India, New Standard Engineering Co., and Nanubhai Industries remained exempt under section 2(e)(i) for the relevant years. By contrast, a parcel of 40,315 sq. yds. ceased to be agricultural land where it had not been cultivated for several years and the surrounding conduct showed abandonment of agricultural use and an intention to sell for non-agricultural purposes; that parcel was therefore includible in net wealth. Case-Laws Wealth-tax Fri, 25 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38736