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of <h1>Section 17 of Wealth Tax Act: Reassessment of Escaped Wealth with Time Limits and Approval Conditions Explained</h1> Section 17 of the Wealth Tax Act, 1957, addresses the assessment of net wealth that has escaped taxation. If the Assessing Officer believes that any person's net wealth has not been properly assessed, they can issue a notice for reassessment. This action is subject to specific time limits: generally within four years, or up to six or sixteen years if certain conditions are met, such as the wealth amount or location outside India. The Officer must record reasons for reassessment, and higher authorities must approve notices issued after four years. The section also clarifies that mere production of evidence does not equate to full disclosure.
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