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of <h1>New Chapter IVA in Wealth-tax Act Allows Avoidance of Repetitive Appeals by Following Higher Court Decisions</h1> The Taxation Laws (Amendment) Act, 1984, introduces Chapter IVA to the Wealth-tax Act, 1957, effective October 1, 1984. This chapter provides a procedure for an assessee to avoid repetitive appeals when an identical question of law is pending before higher courts. The assessee can submit a declaration to the Wealth-tax Officer or appellate authority, agreeing to abide by the final decision of the higher court on the question of law. The authority can accept or reject the claim. Once accepted, the decision from the higher court will apply to the relevant case, and the order will be final and not subject to appeal.
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