Definition of Assessing Officer expanded to align wealth-tax assessment and administration with Income-tax Act provisions. Amendment to section 2 of the Wealth-tax Act revises definitions and cross-references: it defines Assessing Officer to include Assistant Commissioners, Income-tax Officers and directed Deputy Commissioners under specified Income-tax Act provisions; adopts the Income-tax Act meaning of company; inserts maximum marginal rate as the rate for the highest individual wealth slab in Schedule I; omits and re-letters multiple clauses and removes a proviso sub-clause to streamline administration and alignment with the Income-tax Act.
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Provisions expressly mentioned in the judgment/order text.
Definition of Assessing Officer expanded to align wealth-tax assessment and administration with Income-tax Act provisions.
Amendment to section 2 of the Wealth-tax Act revises definitions and cross-references: it defines Assessing Officer to include Assistant Commissioners, Income-tax Officers and directed Deputy Commissioners under specified Income-tax Act provisions; adopts the Income-tax Act meaning of company; inserts maximum marginal rate as the rate for the highest individual wealth slab in Schedule I; omits and re-letters multiple clauses and removes a proviso sub-clause to streamline administration and alignment with the Income-tax Act.
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