Pettifogging enquiries into details of articles covered under the proviso to clause (viii) of sub-section (1) are not to be made - Object of amendment made by Finance (No. 2) Act, 1971 explained
📋
Contents
Cases Cited
Referred In
Notifications
Circulars
Forms
Manuals
Acts
Rules & Regulations
Case Laws New
Ref Provisions New
Plus +
Source NTF
Summary
Similar
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Wealth-tax exemption limits clarified: precious-metal-containing household articles excluded and administrative guidance against petty enquiries to assessing officers. Section 5(1)(viii) was amended to exclude furniture, utensils and other articles made of or containing gold, silver, platinum or other precious metals from the exemption, and to limit exemption for mechanically propelled vehicles, aircraft and boats to a specified aggregate value; Assessing Officers are directed to avoid pettifogging enquiries into trivial items and to follow administrative guidance when valuing such articles.
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.
Wealth-tax exemption limits clarified: precious-metal-containing household articles excluded and administrative guidance against petty enquiries to assessing officers.
Section 5(1)(viii) was amended to exclude furniture, utensils and other articles made of or containing gold, silver, platinum or other precious metals from the exemption, and to limit exemption for mechanically propelled vehicles, aircraft and boats to a specified aggregate value; Assessing Officers are directed to avoid pettifogging enquiries into trivial items and to follow administrative guidance when valuing such articles.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.