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of <h1>Wealth Tax Act applications may abate under certain conditions; Assessing Officer to handle post-abatement cases per Finance Act 2007.</h1> Proceedings before the Settlement Commission under the Wealth Tax Act, 1957, will abate if certain conditions are met, such as rejection or invalidation of an application under specific sections. Upon abatement, the Assessing Officer or relevant wealth-tax authority will handle the case as if no application was made, utilizing all materials and information presented to the Settlement Commission. The period from the application date to the specified abatement date is excluded from time limits and interest calculations under relevant sections. These provisions were introduced by the Finance Act, 2007, effective from June 1, 2007.
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