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1968 (4) TMI 1 - SC - Wealth-tax
Whether s. 7(1) of the WT Act is ultra vires - s. 7(1) which requires that the asset shall be valued at the price which it would fetch if sold in the open market on the valuation date, was expropriatory. This contention was not raised and no ground is made out for holding that the rate at which wealth-tax is levied is expropriatory - Assessee's petition is dismissed