https://www.taxtmi.com/caselaws?id=39965 The Supreme Court held that the amendment to the Wealth-tax Act, including agricultural land in the definition of assets, was valid. The tax imposed did not fall under Entry 49, List II, but was within Parliament's legislative competence under Article 248 and Entry 97, List I. The Court distinguished between taxes on capital value of assets and taxes on lands/buildings, upholding the validity of the amendment. The appeal was allowed, setting aside the High Court's judgment. en-us Thu, 21 Oct 1971 00:00:00 +0530 Tue, 02 Jun 2015 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39965 The Supreme Court held that the amendment to the Wealth-tax Act, including agricultural land in the definition of assets, was valid. The tax imposed did not fall under Entry 49, List II, but was within Parliament's legislative competence under Article 248 and Entry 97, List I. The Court distinguished between taxes on capital value of assets and taxes on lands/buildings, upholding the validity of the amendment. The appeal was allowed, setting aside the High Court's judgment. Case-Laws Income Tax Thu, 21 Oct 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39965