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
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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 ... Summary
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.
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