Wealth-tax notice requirement: issue notices under the Wealth Tax Act when unexplained jewellery or property is found to secure ownership particulars. Where searches uncover unexplained jewellery or immovable property indicating assessable wealth, the value may be treated as deemed income for the year; ... Summary
Wealth-tax notice requirement: issue notices under the Wealth Tax Act when unexplained jewellery or property is found to secure ownership particulars.
Where searches uncover unexplained jewellery or immovable property indicating assessable wealth, the value may be treated as deemed income for the year; officers must obtain from the assessee an advance, specific commitment as to items and market value and issue the Wealth Tax Act notice to prevent escape from assessment and record ownership particulars.
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