Exclusion of non-business assets can be permitted by officer discretion, yet values remain assessable under other tax provisions. A provision permitted the wealth-tax officer to exclude from computation under the balance-sheet adjustment rule the value of any asset or debt shown in the balance sheet that did not truly pertain to the business; however, the value of any such excluded asset or debt could still be taken into account for wealth-tax assessment under other provisions of the Act except where a provision precluded it.
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.
Exclusion of non-business assets can be permitted by officer discretion, yet values remain assessable under other tax provisions.
A provision permitted the wealth-tax officer to exclude from computation under the balance-sheet adjustment rule the value of any asset or debt shown in the balance sheet that did not truly pertain to the business; however, the value of any such excluded asset or debt could still be taken into account for wealth-tax assessment under other provisions of the Act except where a provision precluded it.
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