https://www.taxtmi.com/caselaws?id=800060 Agricultural land classified as such in revenue records and actually used for agricultural purposes falls outside taxable wealth-tax assets under Explanation 1(b) to Section 2(ea) of the Wealth-tax Act, 1957. The Finance Act, 2013 inserted this exclusion retrospectively from 1 April 1993. Where both revenue classification and actual agricultural use are satisfied, the fact that construction may not have been legally prohibited does not determine asset status under the amended definition. en-us Tue, 22 Sep 2026 00:00:00 +0530 Thu, 01 Oct 2026 07:40:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800060 Agricultural land classified as such in revenue records and actually used for agricultural purposes falls outside taxable wealth-tax assets under Explanation 1(b) to Section 2(ea) of the Wealth-tax Act, 1957. The Finance Act, 2013 inserted this exclusion retrospectively from 1 April 1993. Where both revenue classification and actual agricultural use are satisfied, the fact that construction may not have been legally prohibited does not determine asset status under the amended definition. Case-Laws Wealth-tax Tue, 22 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800060