1991 (4) TMI 105 - HC - Wealth-tax

Summary

The High Court of Punjab and Haryana ruled in favor of the assessee, holding that agricultural lands were exempt from additional wealth tax as 'business premises' under the Wealth-tax Act, 1957. The decision was based on previous court rulings and a similar view taken by the High Court of Kerala. The reference was answered in the affirmative, and no costs were awarded.