Default by AO should always be examined in detail and appropriate action taken against them.

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Full Text of the Document

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....ersely commented upon by the Revenue Audit. 2. Attention is invited to the provisions of Rule 2 of the Wealth Tax Rules, 1957, which lay down the procedure for valuation of interest in partnership or association of persons. This Rule provides that the net wealth of the firm or association on the valuation date should first be determined. For the purposes of determination of the net wealth, the ne....