1. The common question of law arising for our determination in this group of writ petitions is ; Whether the wealth Tax Act, 1975 (Central Act No. XXVII of 1957), in so far it purports to be applicable to the State of Jammu and Kashmir, is constitutionally valid ?

2. The ground of challenge urged in the petitions is that the Parliament has no legislative competence to enact that said Act in relation ta our State Sections of the Act declares that there shall be charged for every assessment year a tax in respect of the net wealth on the corresponding valuation date of every individual, Hindu undivided family and company at the rate or rates specified in the schedule. The expression ˜net wealth™ is defined in section 2 (m) "as meaning the amount by which the aggregate value computed in in accordance with the provisions of this Act of all the assets whenever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than........ " The expression ˜assets™ is defined in section 2 (e) as inclusive prop

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