Wealth Tax Act - Instruction relating to assessees of J&K in consequence of upholding of extension of WT Act to J&K by Supreme Court.

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....alth-tax Act to the State of Jammu & Kashmir as ultra-vires. However, the Supreme Court in its judgment dated 4.2.93 has reversed this decision of the High Court and has upheld the validity of extension of the Wealth Tax Act to the State of Jammu & Kashmir. 2. After the judgment of the Jammu & Kashmir High Court, some assessees, though assessable to wealth tax, did not file their returns of Wea....

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....e demands are not substantial and the present whereabouts of the assessee is not available, demands can also be considered for write-off by following the existing procedure liberally. 4. The Board has also taken following further decisions: (i) In cases where interest under section 31(2) of the Wealth tax Act has been levied/has become chargeable for non payment of outstanding demand, such i....

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....already imposed u/s 18 for any default relating to the period from 19.4.83 to 4.2.93 should be cancelled, reduced by exercise of powers given by section 25(1) of the Wealth tax Act by following the procedure detailed at (ii) above. (iv) There may be some cases where proceedings for imposition of penalties under section 18 of the Wealth tax Act or section 221 of the Income tax Act read with sect....