Wealth Tax-Scope of Sec.5(1)(viiia).

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....57. 2. Clause viiia of sub section 1 of section 5 of the W.T.Act exempts growing crops on agricultural land and grass on such land. W.e.f. 1-4-76 clause viiib was added granting exemption to trees standing on agricultural lands. In other words upto 31-3-76 only the growing crops and the fruits on trees that are exempt from wealth tax. 3. The first question for consideration is: whether tea b....