Wealth-tax exemption for voluntarily disclosed assets prevents inclusion in net wealth and limits adjustments where values were understated. Exemption from wealth-tax applies to assets representing voluntarily disclosed income-cash, bank deposits, bullion, shares, debts, commodities or other declared assets-so that assets not shown or for which no return was filed are excluded from net wealth, understatement adjustments are disregarded to the extent of disclosed income used to acquire them, jewellery/bullion are valued at a specified market date for earlier years, and firm-level declarations do not affect partners' net wealth; application of these exemptions is subject to meeting the scheme's eligibility conditions.
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 exemption for voluntarily disclosed assets prevents inclusion in net wealth and limits adjustments where values were understated.
Exemption from wealth-tax applies to assets representing voluntarily disclosed income-cash, bank deposits, bullion, shares, debts, commodities or other declared assets-so that assets not shown or for which no return was filed are excluded from net wealth, understatement adjustments are disregarded to the extent of disclosed income used to acquire them, jewellery/bullion are valued at a specified market date for earlier years, and firm-level declarations do not affect partners' net wealth; application of these exemptions is subject to meeting the scheme's eligibility conditions.
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