Liability of transferees liable to pay tax attributable to assets in their name upon notice from Assessing Officer. Where transferred assets must be included in net wealth, the person in whose name an asset stands is liable, on service of a demand by the Assessing Officer, to pay the portion of wealth-tax attributable to that asset; jointly held assets attract joint and several liability, and non-payment renders the named person an assessee in default subject to statutory recovery provisions.
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.
Liability of transferees liable to pay tax attributable to assets in their name upon notice from Assessing Officer.
Where transferred assets must be included in net wealth, the person in whose name an asset stands is liable, on service of a demand by the Assessing Officer, to pay the portion of wealth-tax attributable to that asset; jointly held assets attract joint and several liability, and non-payment renders the named person an assessee in default subject to statutory recovery provisions.
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