Court Upholds Wealth Tax Act: Non-Business Land and Buildings Are Taxable Assets u/s 40(3.

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....Wealth Tax - The mere fact that there is land and building owned by the company and it is not used for the purposes of business is sufficient to hold that these assets to be taken into account under Section 40(3) of the Act for the purposes of wealth tax under the Wealth Tax Act. - Challenge to Section 40(3) of the Act is not sustainable. - HC....