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2019 (4) TMI 1610 - AT - Wealth-tax"Asset" for the purpose of levying the wealth-tax - agricultural activity was carried out on the land in question - exemption from wealth-tax - HELD THAT:- In the present case it is noticed that the term "assets" covered under the Wealth-tax Act is defined under section 2(ea) of the Wealth-tax Act in the exception to the said section 2(ea), urban land which is classified as agricultural and in the record of the Government and used for agricultural purposes does not came under the category of urban land for the purposes of definition of the assets on which wealth-tax is to be levied. In the present case the revenue record, i. e., khasra, girdwari copy of which is placed at page Nos. 5 to 10 of the assessee's compilation reveals that on the land belonging to the assessee, crop of paddy and wheat were grown, therefore the land in question was used for the purpose of agricultural activity. Revenue record clearly established that the agricultural activity was carried out on the land in question therefore this was not to be included in the list of the "assets" for levy of the wealth-tax, accordingly we set aside the impugned order and direct the Assessing Officer not to include the urban land on which agricultural activity was carried out by the assessee in the list of "asset" for the purpose of levying the wealth-tax. - Decided in favour of assessee.
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