Summary assessment requirement: wealth-tax must be completed simultaneously with income-tax when net wealth falls within a low threshold. Where an assessee's income-tax assessment is completed in a summary manner on the basis of the return, the wealth-tax assessment must also be completed in a summary manner on the basis of the return without requiring supporting evidence when returned net wealth is within the prescribed threshold; both assessments are to be completed simultaneously. If returned net wealth exceeds that threshold, the wealth-tax assessment should be made after due enquiry as hitherto.
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.
Summary assessment requirement: wealth-tax must be completed simultaneously with income-tax when net wealth falls within a low threshold.
Where an assessee's income-tax assessment is completed in a summary manner on the basis of the return, the wealth-tax assessment must also be completed in a summary manner on the basis of the return without requiring supporting evidence when returned net wealth is within the prescribed threshold; both assessments are to be completed simultaneously. If returned net wealth exceeds that threshold, the wealth-tax assessment should be made after due enquiry as hitherto.
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