Mistakes in Computation of Wealth and in calculating Tax Liability:

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....es 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 & AGs Report for 1971-72 are reproduced below:- Mistakes in Computati....

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....alth-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 rates in force prior to 1969-70. This resulted in under-charge of tax of Rs.35,458/-....

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.... 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 was wrongly included in the net-wealth for assessment years 1967-68 and 1968-69 resulting in over....