Late Wealth Tax Notice Invalid: Section 16(2) Deadline Missed, Section 42 Provisions Not Applicable.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Wealth tax assessment - Notice itself has been issued beyond the time prescribed u/s 16(2) of the Wealth Tax Act. Thus, according to us the provision of section 42 does not apply to a situation where the notice has not been issued within the time limit prescribed as per the act.....