Prima facie adjustments to net wealth permit obvious allowance or disallowance of exemptions and arithmetical corrections. Under the Wealth-tax Act the Assessing Officer may make prima facie adjustments to net wealth declared in returns: rectify arithmetical errors; allow exemptions or deductions prima facie admissible though unclaimed; and disallow exemptions or deductions prima facie inadmissible on the basis of the return and accompanying documents. Use the illustrative list addressing exemptions and the foreign property definition as ready reference and apply the same prima facie principles to valuation issues under Schedule III.
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.
Prima facie adjustments to net wealth permit obvious allowance or disallowance of exemptions and arithmetical corrections.
Under the Wealth-tax Act the Assessing Officer may make prima facie adjustments to net wealth declared in returns: rectify arithmetical errors; allow exemptions or deductions prima facie admissible though unclaimed; and disallow exemptions or deductions prima facie inadmissible on the basis of the return and accompanying documents. Use the illustrative list addressing exemptions and the foreign property definition as ready reference and apply the same prima facie principles to valuation issues under Schedule III.
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