Revival of wealth-tax: closely-held companies subject to wealth-tax on net wealth under specified asset valuation rules. Revival of wealth-tax charges closely-held companies with wealth-tax on their net wealth, computed by comparing the aggregate value of specified assets with debts secured on or incurred in relation to those assets, applying a closed list of assets (precious metals, stones, ornaments, non-agricultural land subject to exceptions, specified buildings, motor-cars and assets represented by secured debts), with valuation taken as the higher of Schedule-prescribed market value or the balance-sheet value and specified exceptions and conformity rules for the Wealth-tax Act.
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.
Revival of wealth-tax: closely-held companies subject to wealth-tax on net wealth under specified asset valuation rules.
Revival of wealth-tax charges closely-held companies with wealth-tax on their net wealth, computed by comparing the aggregate value of specified assets with debts secured on or incurred in relation to those assets, applying a closed list of assets (precious metals, stones, ornaments, non-agricultural land subject to exceptions, specified buildings, motor-cars and assets represented by secured debts), with valuation taken as the higher of Schedule-prescribed market value or the balance-sheet value and specified exceptions and conformity rules for the Wealth-tax Act.
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