Wealth-tax assessments Section 5(1)(iva) of Wealth Tax Act, 1957.

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....(iva) as it existed prior to 1.4.1975, and Section 5(1A) as amended by the Finance Act, 1974 with effect from 1.4.1975 regarding restriction of aggregate exemption of Rs.1,50,000 have not been correctly applied. In the law as it existed prior to 1.4.1975 agricultural land belonging to a tax payer is exempt from Wealth-tax upto a value of Rs.1,50,000. However in a case where the tax payer owns a....