https://www.taxtmi.com/caselaws?id=56221 For wealth-tax purposes, land must be classified on the totality of surrounding facts, and no single factor is decisive. Although the lands were within municipal limits, had development potential, and were covered by an agreement to sell for housing use, they remained recorded in revenue records as agricultural land and were cultivated up to and beyond the valuation dates. The agreement did not change their character because conversion to non-agricultural use still required permission, which the purchaser had to obtain. Mere potential for non-agricultural use affects valuation, not intrinsic character; absent evidence of actual conversion or intention to convert, the lands were agricultural. en-us Wed, 15 Jan 1986 00:00:00 +0530 Sun, 06 Feb 2011 03:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56221 For wealth-tax purposes, land must be classified on the totality of surrounding facts, and no single factor is decisive. Although the lands were within municipal limits, had development potential, and were covered by an agreement to sell for housing use, they remained recorded in revenue records as agricultural land and were cultivated up to and beyond the valuation dates. The agreement did not change their character because conversion to non-agricultural use still required permission, which the purchaser had to obtain. Mere potential for non-agricultural use affects valuation, not intrinsic character; absent evidence of actual conversion or intention to convert, the lands were agricultural. Case-Laws Income Tax Wed, 15 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56221