Wealth Tax on Agricultural Land:
Following certain judgments of the Punjab and Haryana High Court and the Supreme Court, which were rejected at the admission stage, a misapprehension may have arisen in some quarters that Wealth Tax is leviable on agricultural land falling within a municipal area or within the notified peripheral area. I worked hard late last night. I spoke to the Prime Minister upon his return, got it signed by the President and we have moved the amendment. Therefore, in order to make matters so clear and place it beyond doubt, I have introduced an official amendment which makes it abundantly clear that urban land does not include agricultural land which is recorded as such in the Government records and which is used for agriculture. The matter should come to an end rather than trade charges.