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          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.

          Provisions expressly mentioned in the judgment/order text.

          <h1>Exemption from wealth-tax for declared undisclosed assets when included under the income declaration scheme, subject to conditions.</h1> Section 194 exempts from wealth-tax assets representing undisclosed income when specified in a section 183 declaration under the Income Declaration Scheme, 2016. Assets that were not shown or for which no wealth-tax return was filed for the relevant assessment years shall not be included in net wealth and shall be exempt. Where assets were understated, the understated amount up to the voluntarily disclosed income used to acquire them shall be excluded from net wealth computation. Declarations by firms exclude such assets or understatement adjustments from computation of any partner's net wealth, subject to fulfilling the conditions in section 187(1) and (2).

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