Assessing Officer definition updated and house classification revised, altering exclusions and the land holding-period rule under wealth-tax. Amendments revise definitions: the Assessing Officer for wealth-tax is defined by reference to designated Income-tax officers and directions under the Income-tax Act; the house definition is broadened to include various residential and commercial uses and farm houses within twenty-five kilometres, with specified exclusions and an extended holding-period exemption for land held as stock-in-trade from five to ten years; officer-designation meanings are aligned with section 2 of the Income-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.
Assessing Officer definition updated and house classification revised, altering exclusions and the land holding-period rule under wealth-tax.
Amendments revise definitions: the Assessing Officer for wealth-tax is defined by reference to designated Income-tax officers and directions under the Income-tax Act; the house definition is broadened to include various residential and commercial uses and farm houses within twenty-five kilometres, with specified exclusions and an extended holding-period exemption for land held as stock-in-trade from five to ten years; officer-designation meanings are aligned with section 2 of the Income-tax Act.
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