Wealth-tax disclosure rules require prior filing and prescribe aggregation methods for tax computation after disclosure. Amendment requires that no application under section 22C shall be made unless the assessee has furnished the return of wealth required under the Act, and sets three rules for computing wealth-tax where disclosed wealth relates to one previous year: (i) if no return was furnished, tax on disclosed wealth as if it were net wealth; (ii) if a return was furnished, tax on the aggregate of returned net wealth and disclosed wealth; (iii) if reassessment proceedings are pending and no return was filed during those proceedings, tax on the aggregate of earlier assessed net wealth and disclosed wealth, with specified reductions to determine the additional tax in each case.
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.
Wealth-tax disclosure rules require prior filing and prescribe aggregation methods for tax computation after disclosure.
Amendment requires that no application under section 22C shall be made unless the assessee has furnished the return of wealth required under the Act, and sets three rules for computing wealth-tax where disclosed wealth relates to one previous year: (i) if no return was furnished, tax on disclosed wealth as if it were net wealth; (ii) if a return was furnished, tax on the aggregate of returned net wealth and disclosed wealth; (iii) if reassessment proceedings are pending and no return was filed during those proceedings, tax on the aggregate of earlier assessed net wealth and disclosed wealth, with specified reductions to determine the additional tax in each case.
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