TaxTMI 
TaxTMI 
Mistakes in Computation of Wealth and in calculating Tax Liability:
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....t rates of wealth-tax; b)non-application of the various rules especially Rules 2 and 3 of Part II of the Schedule to the Wealth-tax Act; c)Omission to levy additional wealth-tax on urban immovable properties; d)Wrong totaling of wealth; and e) allowance of double deductions etc.in the Wealth-tax Assessments. A few cases illustrating the above types of mistakes and included in the C ....
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....stakes resulted in under-assessment of wealth by Rs.2 lakhs. 3) The rates of wealth-tax chargeable on the net wealth in excess of Rs.10 lakhs were enhanced from 2% to 2.5% w.e.f. assessment year 1969-70. In seven Commissioner's charges, in the wealth-tax assessments of nine assessees whose net-wealth exceeded Rs.10 lakhs for the assessment year 1969-70, the tax was erroneously levied at the ....
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....er-Assessment: 6)(i) In the case of three resident assessees who were citizens of India, on a total wealth of Rs.20,06,353 representing assets located outside India, the rebate of tax was not given for the assessment years 1967-68 to 1970-71. This resulted in excess levy of tax of Rs.6,558/- ii) In another case, where the assessee was not a citizen of India, the value of assets outside India....
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.... the Wealth-tax Officers and the assessment orders had been properly written. 3. The Board, therefore, desire that before proceeding to make an assessment the Wealth-tax Officers should invariably check the arithmetical accuracy of the figures and totals furnished in the return. They should also invariably mention in the assessment order location and nature of the assets and also the citizenshi....