Payment prerequisite for settlement applications: tax and interest must be paid before filing, and tax computation is clarified. The amendment conditions filing a settlement application on prior payment of the wealth-tax and interest attributable to the disclosed wealth, with proof attached, and clarifies computation where disclosure covers a single prior year by treating disclosed wealth as net wealth if no return was filed, or aggregating disclosed wealth with returned net wealth if a return was filed; it also requires the applicant to notify the Assessing Officer when filing the application.
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.
Payment prerequisite for settlement applications: tax and interest must be paid before filing, and tax computation is clarified.
The amendment conditions filing a settlement application on prior payment of the wealth-tax and interest attributable to the disclosed wealth, with proof attached, and clarifies computation where disclosure covers a single prior year by treating disclosed wealth as net wealth if no return was filed, or aggregating disclosed wealth with returned net wealth if a return was filed; it also requires the applicant to notify the Assessing Officer when filing the application.
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