Notes on clauses - Wealth-tax

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....ment year or assessment years which may be pending before an Assessing Officer on the date on which an application under sub-section (1) of section 22C is made. It, inter alia, provides that a proceeding of assessment or reassessment for any of the assessment years which may be initiated on the basis of a search under section 37A or requisition under section 37B shall not be a proceeding for asses....

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....ll take effect from 1st June, 2010. Clause 54 of the Bill seeks to amend section 22D of the Wealth tax Act relating to procedure on receipt of an application under section 22C. Under the existing provisions of sub-section (4A) of the aforesaid section, Settlement Commission shall pass an order within twelve months from the end of the month in which the application was made. It is proposed to....

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....n the said period apply to the High Court to require the Tribunal to state the case and to refer it. It is proposed to insert a new sub-section (3B) so as to empower the High Court to admit an application after the expiry of said period of ninety days if it is satisfied that there was sufficient cause for not filing the appeal within the said period. This amendment will take effect retrospec....