Moment of valuation: net wealth measured at the last moment of the valuation date for wealth tax assessments. Net wealth for wealth-tax purposes must be measured at the last moment of the valuation date, with wealth-tax officers instructed to adopt that timing for assessments. An exception under section 20 provides that when a joint family's property is partitioned as a whole on the valuation date the undivided family's net wealth is to be assessed for the relevant year, whereas assets from a partial partition on the valuation date are assessed in the hands of the receiving members.
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.
Moment of valuation: net wealth measured at the last moment of the valuation date for wealth tax assessments.
Net wealth for wealth-tax purposes must be measured at the last moment of the valuation date, with wealth-tax officers instructed to adopt that timing for assessments. An exception under section 20 provides that when a joint family's property is partitioned as a whole on the valuation date the undivided family's net wealth is to be assessed for the relevant year, whereas assets from a partial partition on the valuation date are assessed in the hands of the receiving members.
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