COMMISSIONER OF WEALTH-TAX Vs. JAIDEV INDER SINGH

JUDGEMENT

(1.) THE matter here relates to exemption from additional wealth-tax for the assessment years 1970-71 to 1973-74. The controversy being whether, urban land where agricultural operations are carried on, falls within the definition of "business premises" in terms of Rule l (i), Paragraph B, Part I, of the Schedule to the Wealth-tax Act, 1957, and is thus entitled to exemption from additional wealth-tax payable on urban assets ?

(2.) THE assessee owns 439 kanals and 2 marlas of land in Amritsar, which he claims to cultivate himself. It is in this context that we have been called upon to decide the question posed, namely :

(3.) BINDING judicial precedents conclude the issue raised. A Division Bench of this court in CUT v. Hari Singh [1980] 123 ITR 558, held that where agricultural operations are carried on on urban land, the land will fall within the definition of the expression "business premises" as provided in Rule l (i), Paragraph B, Part I, of the Schedule to the Wealth-tax Act, 1957, and would thus be entitled to exemption from the charge of additional wealth-tax on urban assets, under Paragraph A (2 ).