TMI Blog2016 (4) TMI 941X X X X Extracts X X X X X X X X Extracts X X X X ..... for agricultural purposes will not be considered as an asset for the purpose of wealth tax. In its written reply before the Assessing Officer, the assessee stated “Agricultural land measuring 28K. 10 Marla situated Village Sultanwind as the land is used for agricultural purpose and land as per revenue record is agricultural land”. The Assessing Officer has not controverted the above statement of the assessee that the land is agricultural land in the revenue record and has been used for agricultural purposes. Learned DR has requested for setting aside the matter to the file of the Assessing Officer for verification of the above fact. We find that the assessee has stated these facts before the Assessing Officer which have not been contro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me of hearing before us, it is submitted by the learned DR that the land owned by the assessee was situated within the limit of municipal corporation of Amritsar and, therefore, it was taxable as per definition of asset u/s 2(ea) of the Wealth-tax Act. 4. Learned counsel for the assessee has pointed out that as per proviso to Section 2(ea), if the asset is recorded as agricultural land within the revenue record and agriculture operation is carried on such land, then it will not be an asset for the purpose of wealth tax. He also referred to the assessee s reply furnished before the Assessing Officer wherein the assessee has clearly mentioned that the land is used for agricultural purposes and, as per revenue record, it is agricultural lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard referred to in sub-clause (i) and which has a population of more than ten lakh, but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him. 7. From the above, i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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