Wealth Tax on land and building which is not used for business purposes

Indian Express Newspapers (Bombay) Private Ltd Vs IAC (Bombay High Court)  Section 40(3) of the Act bringing to tax land and building which is not used for business purposes by companies in which public are not substantially interested to tax under the Wealth Tax Act and leaving out those land and buildings which are used for business purposes by companies in which public are not substantially interested from the charge of wealth tax under the Act is a reasonable classification. Therefore, the legislation bringing to tax land and buildings owned by the companies in which public are not substa...