Supreme Court of India
Commissioner of Wealth Tax v. Dr. Karan Singh and Others Etc.
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What the Court ordered
We hold that the wealth-tax, as D originally enacted was covered by Entry 86 of List I of the Constitution, and its extention to the State of Jammu & Kashmir was perfectly constitu tional and consequently the impugned judgment of the High Court is not correct.
Judgment, page 25
From the headnote
Wealth Tax Ac4 1957: S. 1(2), 2, 3, 4, 5, 6, 7-Application of the Act (not including within its c purview agricultural /ands/assets) to State of Jammu and Kashmir-Held, the .- Act as originally enacted is covered by Entry 86 of List I of Schedule VII to the Constitution of India and its extension to the State of Jammu and Kashmir is constitutional. Wealth TtIJ<-Held, is a net wealth t~The tax is not upon the assets as such but is upon individuals, companies etc. with reference to 'Capital value of the assets' held by them-The tax is an annual levy on total value of all assets owned by Qll
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