Wealth-tax settlement requires full disclosure, prior payment of tax and interest, and prescribed computation of additional tax. An assessee may apply to the Settlement Commission with a full and true disclosure of undisclosed wealth, its derivation and the additional wealth-tax, in prescribed form and with prescribed fee; filing is conditional on prior payment of the wealth-tax and interest that would have been payable had the wealth been declared earlier, with proof attached. Additional tax is computed under sub-sections (1A)-(1D): for a single year calculated on the disclosed wealth or on the aggregate of returned and disclosed wealth as applicable, and for multiple years computed year-wise and aggregated. Applications cannot be withdrawn and require intimation to the Assessing Officer; seizure under section 37A imposes a 120-day bar to filing.
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 settlement requires full disclosure, prior payment of tax and interest, and prescribed computation of additional tax.
An assessee may apply to the Settlement Commission with a full and true disclosure of undisclosed wealth, its derivation and the additional wealth-tax, in prescribed form and with prescribed fee; filing is conditional on prior payment of the wealth-tax and interest that would have been payable had the wealth been declared earlier, with proof attached. Additional tax is computed under sub-sections (1A)-(1D): for a single year calculated on the disclosed wealth or on the aggregate of returned and disclosed wealth as applicable, and for multiple years computed year-wise and aggregated. Applications cannot be withdrawn and require intimation to the Assessing Officer; seizure under section 37A imposes a 120-day bar to filing.
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