Ex gratia payments taxable as assets once received, removing prior pre-valuation-date exemption under wealth-tax rules. Ex gratia payments received by assessees in respect of properties left in erstwhile East Pakistan after the 1965 conflict constitute assets for wealth-tax purposes once received and are liable to wealth-tax; item (ii) of Circular No. 385 (which exempted ex gratia received before the valuation date) is deleted to align with the Wealth-tax Act's definition of asset.
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.
Ex gratia payments taxable as assets once received, removing prior pre-valuation-date exemption under wealth-tax rules.
Ex gratia payments received by assessees in respect of properties left in erstwhile East Pakistan after the 1965 conflict constitute assets for wealth-tax purposes once received and are liable to wealth-tax; item (ii) of Circular No. 385 (which exempted ex gratia received before the valuation date) is deleted to align with the Wealth-tax Act's definition of asset.
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