Time limit for assessment: new statutory ceilings restrict when wealth-tax assessments and reassessments may be initiated. Section 17A prescribes statutory limitation periods for wealth-tax assessments and reassessments, tying time bars to the later of defined limitation ... Summary
Time limit for assessment: new statutory ceilings restrict when wealth-tax assessments and reassessments may be initiated.
Section 17A prescribes statutory limitation periods for wealth-tax assessments and reassessments, tying time bars to the later of defined limitation periods or one year from filing or service of notice; it also provides exceptions allowing fresh assessments following specified supervisory or court orders and excludes defined interruption periods (reopening, judicial stay, Settlement Commission proceedings) from the limitation computation.
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