1999 (10) TMI 32

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..... U J.---Two questions have been referred to us at the instance of the Revenue : "1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the additional wealth-tax is not leviable in respect of agricultural lands lying within eight kilometers of the municipal limit ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal has .....

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..... icer. The fact that the assessee is running a business under the name "Vijayakumar Cotton Press", that he has a ginning factory and godown in a portion of his land is not in dispute. That is what has been noticed by the Wealth-tax Officer. That the character of the land owned by the assessee is agricultural land and that the assessee was carrying on agricultural activity in the area not covered b .....

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..... t "The expression 'business' though extensively used is a word of indefinite import. In taxing statutes it is used in the sense of an occupation or profession which occupies the time, attention and labour of a person normally with the object of making profit. To regard an activity as business, there must be a course of dealings, either actually continued or contemplated to be continued with a prof .....

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