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of <h1>Income Tax Officers to Issue Notices for Unexplained Assets u/s 14(2) of Wealth Tax Act.</h1> The Board has observed that searches under Section 132 of the Income Tax Act have uncovered significant unexplained jewellery and immovable assets owned by individuals, partners, or coparceners who are income-tax assessees but not wealth-tax assessees. Under Section 69A, such unexplained assets are deemed income for that financial year. To address this, the Board instructs Income Tax Officers to issue notices under Section 14(2) of the Wealth Tax Act to individuals, especially those possessing assets valued around Rs. 80,000, to ensure they are assessed for wealth tax and committed to declaring ownership and value of these assets.
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