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Arjun Singh And Anr. vs Assistant Director Of Income-Tax ... on 23 November, 1998
Nirmal Udyog Co. vs Assistant Commissioner Of Income ... on 24 July, 1997
Union Of India vs H. S. Dhillon on 21 October, 1971
Nb Jaffar Ali Khan vs Assistant Commissioner Of ... on 20 September, 2002
Thanthi Trust vs Wealth-Tax Officer on 20 April, 1989

Central Government Act
THE WEALTH-TAX ACT, 1957
THE WEALTH-TAX ACT, 1957

1 Short title, extent and commencement. —
(1) This Act may be called the Wealth-Tax Act, 1957.
(2) It extends to the whole of India.
(3) It shall be deemed to have come into force on the 1st day of April, 1957.
2 Definitions. —In this Act, unless the context otherwise requires,— 1 [***]
2 [(b) “Appellate Tribunal” means the Appellate Tribunal constituted under section 252 of the Income-tax Act;]
2 [(c) “assessee” means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes—
(i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person;
(ii) every person who is deemed to be an assessee under this Act;
(iii) every person who is deemed to be an assessee in default under this Act;]
3 [(ca) “Assessing Officer” means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act and also the 4 [Additional Commissioner or] 5 [Additional Director or] Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;] 6 [cb)] “assessment” includes re-assessment;
7 [(d) “assessment year” means the period of twelve months commencing on the 1st day of April every year;]
8 [(e) “assets” includes property of every description, movable or immovable, but does not include,—
(1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year—
(i) agricultural land and growing crops, grass or standing trees on such land;
(ii) any building owned or occupied by a cultivator of, or receiver of rent revenue out of, agricultural land: Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling-house or a store-house or an outhouse;
(iii) animals;
(iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant;
(v) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee;
(2) in relation to the assessment year commencing on the 1st day of April, 1970, or any subsequent assessment year 9 [but before the 1st day of April, 1993]—
(i) animals;
(ii) a right to 10 [any annuity (not being an annuity purchased by the assessee or purchased by any other person in pursuance of a contract with the assessee)] in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant;
(iii) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee:]
11 [Provided that in relation to the assessment year commencing on the 1st day of April, 1981, 12 [and the assessment year commencing on the 1st day of April, 1982], this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted namely:— 13 [Provided further that in relation to the assessment year commencing on the 1st day of April, 1983, or any subsequent assessment year, this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted, namely:— 14 [Provided also that] in relation to the State of Jammu and Kashmir, this sub-clause shall have effect subject to the modification that for the assets specified in 15 [item (i)] of this sub-clause, the assets specified in 16 [items (i) to (iii)] of sub-clause (1) shall be substituted and the other provisions of this Act shall be construed accordingly;]
(b) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation: Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of the rent or revenue by reason of his connection with the land requires as a dwelling-house or a store-house or an outhouse;
(c) animals:]
(b) one building or one group of buildings owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land: Provided that such building or group of buildings is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as store-house or for keeping livestock;
(c) animals:]
(a) “jewellery” includes—
(i) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones and whether or not worked or sewn into any wearing apparel;
(ii) precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel;
(b) “urban land” means land situate—
(f) “Board” means the 23 [Central Board of Direct Taxes constituted under the Central Board of Revenue Act, 1963 (54 of 1963)]; 24 [***] 25 [***]
26 [(h) “company” shall have the meaning assigned to it in clause (17) of section 2 of the Income-tax Act, 1961, (43 of 1961);]
27 [(ha) “co-operative society” means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies;] 28 [***]
(i) “executor” means an executor or administrator of the estate of a deceased person;
30 [(j) “Income-tax Act” means the Income-tax Act, 1961 (43 of 1961);] 31 [***]
34 [(lb) “legal representative” has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908);]
(m) “net wealth” means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee 37 [on the valuation date which have been incurred in relation to the said assets];
(n) “prescribed” means prescribed by rules made under this Act;
(o) “principal officer”, used with reference to a company, means the secretary, manager, managing agent or managing director of the company, and includes any person connected with the management of the affairs of the company upon whom the 38 [Assessing Officer] has served a notice of his intention of treating him as the principal officer thereof;
39 [(oa) “public servant” has the same meaning as in section 21 of the Indian Penal Code (45 of 1860);]
39 [(ob) “regular assessment” means the assessment made under 41 [sub-section (3) or sub-section (5) of section 16];]
(p) “Ruler” means a Ruler as defined in clause (22) of Article 366 of the Constitution;
(q) “valuation date”, in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in 42 [section 3] of the Income-tax Act if an assessment were to be made under that Act for that year: 43 [Provided that— 44 [***]
(ii) in the case of a person who is not an assessee within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of March immediately preceding the assessment year;
(iii) where an assessment is made in pursuance of section 19A, the valuation date shall be the same valuation date as would have been adopted in respect of the net wealth of the deceased if he were alive;]
45 [(r) “Valuation Officer” means a person appointed as a Valuation Officer under section 12A, and includes a Regional Valuation Officer, a District Valuation Officer and an Assistant Valuation Officer;]
46 [(s) the expressions “Chief Commissioner, Director-General, Commissioner, Commissioner (Appeals), Director, Additional Director of Income-tax, Additional Commissioner of Income-tax, Joint Director, Joint Commissioner of Income-tax, Deputy Director, Deputy Commissioner, Assistant Commissioner, Assistant-Director, Income tax Officer, Inspector of Income-tax and Tax Recovery Officer shall have the meanings respectively assigned to them under section 2 of the Income-tax Act.] Comments
Section 2(e).—The right to receive compensation under the W.B. Estate Acquisition Act, 1958 constitutes an “asset” under section 2(e) of the Wealth-tax Act, 1957 even though such compensation is yet to be determined or paid; Commissioner of Wealth-tax, Calcutta v. U.C. Mehtab, AIR 1995 SC 1925. Section 2(m).—Having successfully thwarted the attempts of the decree-holders to proceed against the Government securities and the income arising therefrom, the assessee cannot subsequently say that the decretal dues are his debts which are personally payable by him; Commissioner of Wealth-tax, Lucknow v. Raja Vishwanath Pratap Singh, JT 1996(4) SC 62.
3 Charge of wealth-tax. — 47 [
4 Net wealth to include certain assets. —
(1) 53 [In computing the net wealth—
(a) of an individual, there shall be included, as belonging to that individual, the value of assets which on the valuation date are held—]
54 [(i) by the spouse of such individual to whom such assets have been transferred by the individual, directly or indirectly, otherwise than for adequate consideration or in connection with an agreement to live apart, or
(ii) by a minor child, not being 55 [a minor child suffering from any disability of the nature specified in section 80U of the Income-tax Act or] a married daughter, of such individual, 56 [***], or
(iii) by a person or association of persons to whom such assets have been transferred by the individual 57 [, directly or indirectly,] otherwise than for adequate consideration for the immediate or deferred benefit of the individual, his or her spouse 58 [***], or]
(iv) by a person or association of persons to whom such assets have been transferred by the individual otherwise than under an irrevocable transfer, 59 [or]
64 [Provided that where the transfer of such assets or any part thereof is either chargeable to gift-tax under the Gift-tax Act, 1958 (18 of 1958), or is not chargeable under section 5 of that Act, for any assessment year commencing 65 [after the 31st day of March, 1964, but before the 1st day of April, 1972], the value of such assets or part thereof, as the case may be, shall not be included in computing the net wealth of the individual:] 66 [Provided further that nothing contained in sub-clause (ii) shall apply in respect of such assets as have been acquired by the minor child out of his income referred to in the proviso to sub-section (1A) of section 64 of the Income-tax Act and which are held by him on the valuation date: Provided also that where the assets held by a minor child are to be included in computing the net wealth of an individual, such assets shall be included,—
(a) where the marriage of his parents subsists, in the net wealth of that parent whose net wealth (excluding the assets of the minor child so includible under this sub-section) is greater; or
(b) where the marriage of his parents does not subsist, in the net wealth of that parent who maintains the minor child in the previous year as defined in section 3 of the Income-tax Act, and where any such assets are once included in the net wealth of either parent, any such assets shall not be included in the net wealth of the other parent in any succeeding year unless the Assessing Officer is satisfied, after giving that parent an opportunity of being heard, that it is necessary so to do.]
67 [(b) of an assessee who is a partner in a firm or a member of an association of persons (not being a co-operative housing society), there shall be included, as belonging to that assessee, the value of his 68 [interest in the assets of the firm] or association determined in the manner laid down in Schedule III:
69 [Provided that where a minor is admitted to the benefits of partnership in a firm, the value of the interest of such minor in the firm, determined in the manner specified above, shall be included in the net wealth of the parent of the minor, so far as may be, in accordance with the provisions of the third proviso to clause(a).]]
70 [(1A) Where, in the case of an individual being a member of a Hindu undivided family, any property having been the separate property of the individual has, at any time after the 31st day of December, 1969, been converted by the individual into property belonging to the family through the act of impressing such separate property with the character of property belonging to the family or throwing it 71 [into the common stock of the family or been transferred by the individual, directly or indirectly, to the family otherwise than for adequate consideration (the property so converted or transferred being hereinafter referred to as the converted property)], then, notwithstanding anything contained in any other provision of this Act or in any other law for the time being in force, for the purpose of computing the net wealth of the individual under this Act for any assessment year commencing on or after the 1st day of April, 1972,—
(a) the individual shall be deemed to have transferred the converted property, through the family, to the members of the family for being held by them jointly;
(b) the converted property or any part thereof 72 [***] shall be deemed to be assets belonging to the individual and not to the family;
73 [(c) where the converted property has been the subject-matter of a partition (whether partial or total) amongst the members of the family, the converted property or any part thereof which is received by the spouse 74 [***] of the individual on such partition shall be deemed to be assets transferred indirectly by the individual to the spouse 74 [***] and the provisions of sub-section (1) shall, so far as may be, apply accordingly:]
Provided that the property referred to in clause (b) or clause (c) shall, on being included in the net wealth of the individual be excluded from the net wealth of the family or, as the case may be, the spouse 74 [***] of the individual. 75 [***] 76 [***]
(4) Nothing contained in clause (a) of sub-section (1) shall apply to any such transfer as is referred to therein made by an individual before the 1st day of April, 1956, and the value of any assets so transferred shall not be included in the computation of his net wealth.
(5) The value of any assets transferred under an irrevocable transfer shall be liable to be included in computing the net wealth of the transferor as and when the power to revoke arises to him.
80 [(6) For the purposes of this Act, the holder of an impartible estate shall be deemed to be the individual owner of all the properties comprised in the estate.]
81 [(7) Where the assessee is a member of a co-operative society, company or other association of persons and a building or part thereof is allotted or leased to him under a house building scheme of the society, company or association, as the case may be, the assessee shall, notwithstanding anything contained in this Act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee; and, in determining the value of such building or part, the value of any outstanding instalments of the amount payable under such scheme by the assessee to the society, company or association towards the cost of such building or part and the land appurtenant thereto shall, whether the amount so payable is described as such or in any other manner is such scheme, be deducted as a debt owed by him in relation to such building or part.]
5 Exemptions in respect of certain assets. — 90 [ 91 [***] Wealth-tax shall not be payable by an assessee in respect of the following assets]; and such assets shall not be included in the net wealth of the assessee—
(i) any property held by him under trust or other legal obligation for any public purpose of a charitable or religious nature in India: 92 [Provided that nothing contained in this clause shall apply to any property forming part of any business, not being a business referred to in clause (a) or clause (b) of sub-section (4A) of section 11 of the Income-tax Act in respect of which separate books of account are maintained or a business carried on by an institution fund or trust referred to in 93 [***] clause (23B) or clause (23C) of section 10 of the Act;]
(ii) the interest of the assessee in the coparcenary property of any Hindu undivided family of which he is a member;
(iii) 94 [any one building in the occupation of a Ruler, being a building which immediately before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, was his official residence by virtue of a declaration by the Central Government] under paragraph 13 of the Merged States (Taxation Concessions) Order, 1949, or paragraph 15 of the Part B States (Taxation Concessions) Order, 1950; 95 [***]
(i) that the jewellery shall be permanently kept in India and shall not be removed outside India except for a purpose and period approved by the Board;
(ii) that reasonable steps shall be taken for keeping the jewellery substantially in its original shape;
(iii) that reasonable facilities shall be allowed to any officer of Government authorised by the Board in this behalf to examine the jewellery as and when necessary; and
Explanation. —For the purposes of clause (iv) of the foregoing proviso, the fair market value of any jewellery on the date of the withdrawal of the recognition in respect thereof shall be deemed to be the fair market value of such jewellery on each successive valuation date relevant for the assessment years referred to in the said proviso: Provided further that the aggregate amount of wealth tax payable in respect of any jewellery under clause (iv) of the foregoing proviso for all the assessment years referred to therein shall not in any case exceed fifty per cent. of its fair market value on the valuation date relevant for the assessment year in which recognition was withdrawn;] 98 [***] Provided that this exemption shall apply only for a period of seven successive assessment year commencing with the assessment year next following the date on which such person returned to India. 102 [ Explanation 1].—A person shall be deemed to be of Indian origin if he, or either of his parents or any of his grandparents, was born is undivided India ]. 103 [ Explanation 2.—For the removal of doubts, it is hereby declared that moneys standing to the credit of such person in a Non-resident (External) Account, in any bank in India in accordance with the Foreign Exchange Regulation Act, 1973 (46 of 1973) and any rules made thereunder, on the date of his return to India, shall be deemed to be moneys brought by him into India on that date.] 104 [***]
6 Exclusion of assets and debts outside India. — 107 [In computing the net wealth of an individual who is not a citizen of India or of an individual] or a Hindu undivided family not resident in India or resident but not ordinarily resident in India, or of a company not resident in India during the year ending on the valuation date—
(i) the value of the assets and debts located outside India; and
(ii) the value of the assets in India represented by any loans or debts owing to the assessee in any case where the interest, if any, payable on such loans or debts is not to be included in the total income of the assessee under 108 [section 10] of the Income-tax Act; shall not be taken into account.
Explanation 1.—An individual or a Hindu undivided family shall be deemed to be not resident in India or resident but not ordinarily resident in India during the year ending on the valuation date if in respect of that year the individual or the Hindu undivided family, as the case may be, is not resident in India or resident but not ordinarily resident in India within the meaning of the Income-tax Act. 109 [ Explanation 1A.—Where in the case of an individual the value of an asset in India is represented by any debt owing to him, being any moneys to his credit in a Non-resident (External) Account, the interest payable on which is not to be included in his total income under 110 [sub-clause (ii) of clause (4)] of section 10 of the Income-tax Act, the provisions of this section shall, in relation to such asset, apply subject to the modification that the reference in this section to an individual not resident in India shall be construed as a reference to a person resident outside India as defined in clause (q) of section 2 of the Foreign Exchange Regulation Act, 1973 (46 of 1973).] Explanation 2.—A company shall be deemed to be resident in India during the year ending on the valuation date, if—
(a) it is a company formed and registered under the Companies Act, 1956 (1 of 1956), or is an existing company within the meaning of that Act; or
(b) during that year the control and management of its affairs is situated wholly in India.
111 [ 7 Value of assets how to be determined. —
(1) Subject to the provisions of sub-section (2), the value of any asset, other than cash, for the purposes of this Act shall be its value as on the valuation date determined in the manner laid down in Schedule III.
(2) The value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date, may, at the option of the assessee, be taken to be the value determined in the manner laid down in Schedule III as on the valuation date next following the date on which he became the owner of the house or the valuation date relevant to the assessment year commencing on the Ist day of April, 1971, whichever valuation date is later. 112 [***] Explanation .—For the purposes of this sub-section,—
113 [ 8 Wealth-tax authorities and their jurisdiction .—The income-tax authorities specified in section 116 of the Income-tax Act shall be the wealth-tax authorities for the purposes of this Act and every such authority shall exercise the powers and perform the functions of a wealth-tax authority under this Act in respect of any individual, Hindu undivided family or company, and for this purpose his jurisdiction under this Act shall be the same as he has under the Income-tax Act by virtue of orders or directions issued under section 120 of that Act (including orders or directions assigning concurrent jurisdiction) or under any other provision of that Act. Explanation. —For the purposes of this section, the wealth-tax authority having jurisdiction in relation to a person who is not an assessee within the meaning of the Income-tax Act shall be the wealth-tax authority having jurisdiction in respect of the area in which that person resides.]
114 [ 8A Powers of Commissioner respecting specified areas, cases, persons, etc. —[Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988).]]
115 [ 8AA Concurrent jurisdiction of Inspecting Assistant Commissioner and Wealth-tax Officer.— [Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988).]]
116 [ 8B Power to transfer cases. —[Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988).]]
117 [ 9 Control of wealth-tax authorities .—Section 118 of the Income-tax Act and any notification issued thereunder shall apply in relation to the control of wealth-tax authorities as they apply in relation to the control of the corresponding income-tax authorities, except to the extent to which the Board may, by notification in the Official Gazette, otherwise direct in respect of any wealth-tax authority.]
118 [ 9A Commissioner of wealth-tax (Appeals). —[Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988).]]
119 [ 10 Instructions to subordinate authorities. —
121 [ 10A Directors of Inspection. —[Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988).]]
122 [ 11 Jurisdiction of Assessing Officers and power to transfer cases. —
126 [ 11B Wealth-tax Officers Competent to perform any function or functions. —[ Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988). ]]
127 [ 12 Control of wealth-tax authorities. —[ Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 132 (w.e.f. 1-4-1988). ]]
129 [ 13 Wealth-tax authorities to follow orders, etc., of the Board. —[ Rep. by the Direct Tax Laws (Amendment) Act, 1987 (14 of 1988), sec. 132 (w.e.f. 1-4-1988). ]]
130 [ 13A Powers of 131 [Director-General or Director], 132 [Chief Commissioner or Commissioner] and 133 [Joint Commissioner] to make enquiries. —The 131 [Director-General or Director], the 134 [Chief Commissioner or Commissioner] and the 135 [Joint Commissioner] shall be competent to make any enquiry under this Act, and for this purpose shall have all the powers that 136 [an Assessing Officer] has under this Act in relation to the making of enquiries.]
14 Return of Wealth. — 137 [
(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net wealth or the net wealth of such other person as on that valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of such net wealth and such other particulars as may be prescribed. Explanation .—In this sub-section, “due date” in relation to an assessee under this Act shall be the same date as that applicable to an assessee under the Income-tax Act under the Explanation to sub-section (1) of section 139 of the Income-tax Act.
(2) Notwithstanding anything contained in any other provision of this Act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished: Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17.] 138 [***]
139 [ 15 Return after due date and amendment of return. —If any person has not furnished a return within the time allowed under sub-section
140 [ 15A Return by whom to be signed. —The return made under section 14 or section 15 shall be signed and verified—
141 [(a) in the case of an individual,— Provided that in a case referred to in sub-clause (ii) or sub-clause (iv), the person signing the return holds a valid power of attorney from the individual to do so, which shall be attached to the return;]
(b) in the case of a Hindu undivided family, by the karta, and, where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of such family; and
142 [(c) in the case of a company, by the managing director thereof, or where for any unavoidable reason such managing director is not able to sign and verify the return or where there is no managing director, by any director thereof:]]
143 [Provided that where the company is not resident in India, the return may be signed and verified by a person who holds a valid power of attorney from such company to do so, which shall be attached to the return: Provided further that,—
(a) where the company is being wound up, whether under the orders of the court or otherwise, or where any person has been appointed as the receiver of any assets of the company, the return shall be signed and verified by the liquidator referred to in sub-section (1) of section 178 of the Income-tax Act;
(b) where the management of the company has been taken over by the Central Government or any State Government under any law, the return of the company shall be signed and verified by the principal officer thereof.]
144 [ 15B Self-assessment .—
(1) Where any tax is payable on the basis of any return furnished under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 or under section 17, after taking into account the amount of tax, if any, already paid under any provision of this Act, the assessee shall be liable to pay such tax, together with interest payable under any provision of this Act for any delay in furnishing the return, before furnishing the return and the return shall be accompanied by proof of payment of such tax and interest. Explanation .—Where the amount paid by the assessee under this sub-section falls short of the aggregate of the tax and interest as aforesaid, the amount so paid shall first be adjusted towards the interest payable as aforesaid and the balance, if any, shall be adjusted towards the tax payable.
(2) After the regular assessment under section 16 has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards such regular assessment.
(3) If any assessee fails to pay the whole or any part of such tax or interest or both in accordance with the provisions of sub-section (1), he shall, without prejudice to any other consequences which he may incur, be deemed to be an assessee in default in respect of the tax or interest or both remaining unpaid and all the provisions of this Act shall apply accordingly.]
146 [ 15C Provisional Assessment. —[ Rep. by the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988), sec. 137 (w.e.f. 1-4-1989). ]]
147 [ 16 Assessment. — 148 [
(1) Where a return has been made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4),— Provided that except as otherwise provided in this sub-section, the acknowledgement of the return shall be deemed to be intimation under this sub-section where either no sum is payable by the assessee or no refund is due to him: Provided further that no intimation under this sub-section shall be sent after the expiry of two years from the end of the assessment year in which the net wealth was first assessable.] 149 [***] 150 [***]
(2) 151 [Where a return has been made under section 14 or section 15, or in response to a notice under clause (i) of sub-section (4) of this section, the Assessing Officer shall, if he] considers it necessary or expedient to ensure that the assessee has not understated the net wealth or has not under-paid the tax in any manner 152 [serve on the assessee] a notice requiring him, on a date to be specified therein, either to attend at the office of the Assessing Officer or to produce, or cause to be produced there, any evidence on which the assessee may rely in support of the return: 153 [Provided that no notice under this sub-section shall be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.]
(3) On the day specified in the notice issued under sub-section (2) or as soon afterwards as may be, after hearing such evidence as the assessee may produce and such other evidence as the Assessing Officer may require on specified points, and after taking into account all relevant material which he has gathered, the Assessing Officer shall, by order in writing, assess the net wealth of the assessee and determine the sum payable by him on the basis of such assessment.
(4) For the purposes of making an assessment under this Act, the Assessing Officer may serve, on any person who has made a return under section 14 or section 15 or in whose case the time allowed under sub-section (1) of section 14 for furnishing the return has expired, a notice requiring him, on a date to be specified therein—
(5) If any person— Provided that such opportunity shall be given by the Assessing Officer by serving a notice calling upon the person to show cause, on a date and time to be specified in the notice, why the assessment should not be completed to the best of his judgment: Provided further that it shall not be necessary to give such opportunity in a case where a notice under sub-section (4) has been issued prior to the making of the assessment under this sub-section.]
17 Wealth escaping assessment. — 161 [
(1) If the Assessing Officer 162 [has reason to believe] that the net wealth chargeable to tax in respect of which any person is assessable under this Act has escaped assessment for any assessment year (whether by reason of under-assessment or assessment at too low a rate or otherwise], he may, subject to the other provisions of this section and section 17A, serve on such person a notice requiring him to furnish within such period, 163 [***] as may be specified in the notice, a return in the prescribed form and verified in the prescribed manner setting forth the net wealth in respect of which such person is assessable as on the valuation date mentioned in the notice, along with such other particulars as may be required by the notice, and may proceed to assess or reassess such net wealth and also any other net wealth chargeable to tax in respect of which such person is assessable, which has escaped assessment and which comes to his notice subsequently in the course of the proceedings under this section for the assessment year concerned (hereafter in this section referred to as the relevant assessment year), and the provisions of this Act shall, so far as may be, apply as if the return were a return required to be furnished under section 14: Provided that where an assessment under sub-section (3) of section 16 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any net wealth chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 14 or section 15 or in response to a notice issued under sub-section (4) of section 16 or this section or to disclose fully and truly all material facts necessary for his assessment for that assessment year: 164 [Provided further that the Assessing Officer shall, before issuing any notice under this sub-section, record his reasons for doing so:] 165 [Provided also that the Assessing Officer may assess or reassess such net wealth, other than the net wealth which is the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.] Explanation .—Production before the Assessing Officer of account books or other evidence from which material evidence could with due diligence have been discovered by the Assessing Officer will not necessarily amount to disclosure within the meaning of the foregoing proviso.] 170 [ Explanation. —For the removal of doubts, it is hereby declared that the Joint Commissioner, the Commissioner or the Chief Commissioner, as the case may be, being satisfied on the reasons recorded by the Assessing Officer about fitness of a case for the issue of notice, need not issue such notice himself.]
171 [(2) Nothing contained in this section limiting the time within which any proceeding for assessment or reassessment may be commenced, shall apply to an assessment or reassessment to be made on such person in consequence of or to give effect to any finding or direction contained in an order under section 23, 24, 25, 27 or 29 172 [or by a court in any proceedings under any other law]: Provided that the provisions of this sub-section shall not apply in any case where any such assessment or reassessment relates to an assessment year in respect of which an assessment or reassessment could not have been made at the time the order which was the subject-matter of the appeal, reference or revision, as the case may be, was made by reason of any provision limiting the time within which any action for assessment of reassessment may be taken.]
202 [ 18 Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc. —
(1) If the 203 [Assessing Officer], 204 [Joint Commissioner (Appeals)],— 205 [Commissioner (Appeals),] 206 [Chief Commissioner or Commissioner] or Appellate Tribunal in the course of any proceedings under this Act is satisfied that any person— 207 [***]
(b) has 208 [***] failed to comply with a notice under sub-section (2) or sub-section (4) of section 16; or
(c) has concealed the particulars of any assets or furnished inaccurate particulars of any assets or debts; he or it may, by order in writing, direct that such person shall pay by way of penalty— 209 [ 210 [***]
211 [(ii) in the cases referred to in clause (b), in addition to the amount of wealth-tax payable by him, a sum which shall not be less than one thousand rupees but which may extend to twenty-five thousand rupees for each such failure;]
(iii) in the cases referred to in clause (c), in addition to any wealth-tax payable by him, a sum which shall not be less than, but which shall not exceed five times, the amount of tax sought to be evaded by reason of the concealment of particulars of any assets or the furnishing of inaccurate particulars in respect of any assets or debts:
212 [Provided that in the cases referred to in clause (b), no penalty shall be imposable if the person proves that there was a reasonable cause for the failure referred to in that clause.] Explanation 1. —For the purposes of clause (iii) of this sub-section, the expression “the amount of tax sought to be evaded”—
(a) in a case to which Explanation 3 applies, means the tax on the net wealth assessed;
(b) in any other case, means the difference between the tax on the net wealth assessed and the tax that would have been chargeable had the net wealth assessed been reduced by the amount which represents the value of any assets in respect of which particulars have been concealed or inaccuate particulars have been furnished and of any debts in respect of which inaccurate particulars have been furnished.
Explanation 2. —Where in respect of any facts material to the computation of the net wealth of any person under this Act,— 218 [***] 219 [ Explanation 3. —Where any person 220 [***] fails, without reasonable cause, to furnish within the period specified in sub-section (1) of section 17A, a return of his net wealth which he is required to furnish under section 14 in respect of any assessment year commencing on or after the 1st day of April, 1989, and until the expiry of the period aforesaid, no notice has been issued to him under clause (i) of sub-section (4) of section 16 or sub-section (1) of section 17 and the Assessing Officer or the Deputy Commissioner] (Appeals) or the Commissioner (Appeals) is satisfied that in respect of such assessment year such person has assessable net wealth, the such person shall, for the purposes of clause (c) of this sub-section, be deemed to have concealed the particulars of his assets or furnished inaccurate particulars of any assets or debts in respect of such assessment year, notwithstanding that such person furnishes a return of his net wealth at any time after the expiry of either of the periods aforesaid applicable to him in pursuance of a notice under section 17.] Explanation 4.—Where the value of any asset returned by any person is less than seventy per cent. of the value of such asset as determined in an assessment under section 16 or section 17, such person shall be deemed to have furnished inaccurate particulars of such asset within the meaning of clause (c) of this sub-section, unless he proves that the value of the asset as returned by him is the correct value.] 221 [ Explanation 5.—Where in the course of a search under section 37A, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article or thing (hereafter in this Explanation referred to as assets) and the assessee claims that such assets represent or form part of his net wealth,—
(a) on any valuation date falling before the date of the search, but the return in respect of the net wealth on such date has not been furnished before the date of the search or, where such return has been furnished before the said date, such assets have not been declared in such return; or
(b) on any valuation date falling on or after the date of the search, then, notwithstanding that such assets are declared by him in any return of net wealth furnished on or after the date of the search, he shall, for the purposes of imposition of a penalty under clause (c) of sub-section (1) of this section, be deemed to have concealed the particulars of such assets or furnished inaccurate particulars of such assets, 222 [unless—
(2) he, in the course of the search, makes a statement under sub-section (4) of section 37A that any money, bullion, jewellery or other valuable article or thing found in his possession or under his control, forms part of his net wealth which has not been disclosed so far in his return on net wealth to be furnished before the expiry of the time specified in sub-section (1) of section 14, and also specifies in the statement the manner in which such net wealth has been acquired and pays the tax, together with interest, if any, in respect of such net wealth.] 225 [ Explanation 6. —Where any adjustment is made in the wealth declared in the return under the proviso to clause (a) of sub-section (1) of section 16 and additional wealth-tax charged under that section, the provisions of this sub-section shall not apply in relation to the adjustments so made.] 226 [***]
(2) No order shall be made under sub-section (1) unless the person concerned has been given a reasonable opportunity of being heard. 227 [***]
228 [(3) No order imposing a penalty under sub-section (1) shall be made,— 231 [***]
(4) A 232 [Deputy Commissioner (Appeals)], 233 [a Commissioner (Appeals),] a 234 [Chief Commissioner or Commissioner] or the Appellate Tribunal on making an order under this section imposing a penalty, shall forthwith send a copy of the same to the 235 [Assessing Officer].
236 [(5) No order imposing a penalty under this section shall be passed— Explanation. —In computing the period of limitation for the purpose of this section,—
19 Tax of deceased person payable by legal representative. —
(1) Where a person dies, his executor, administrator or other legal representative shall be liable to pay out of the estate of the deceased person, to the extent to which the estate is capable of meeting the charge, the wealth-tax assessed as payable by such person, or any sum, which would have been payable by him under this Act if he had not died.
(2) Where a person dies without having furnished a return under the provisions of section 14 or after having furnished a return which the 260 [Assessing Officer] has reason to believe to be incorrect or incomplete, the 260 [Assessing Officer] may make an assessment of the net wealth of such person and determine the wealth-tax payable by the person on the basis of such assessment, and for this purpose may, by the issue of the appropriate notice which would have had to be served upon the deceased person if he had survived, require from the executor, administrator or other legal representative of the deceased person any accounts, documents or other evidence which might under the provisions of section 16 have been required from the deceased person.
(3) The provisions of sections 14, 15 and 17 shall apply to an executor, administrator or other legal representative as they apply to any person referred to in those sections.
261 [ 19A Assessment in the case of executors. —
(1) Subject to as hereinafter provided, the net wealth of the estate of a deceased person shall be chargeable to tax in the hands of the executor or executors.
(2) The executor or executors shall for the purposes of this Act be treated as an individual.
(3) The status of the executor or executors shall for the purposes of this Act as regards residence and citizenship be the same as that of the deceased on the valuation date immediately preceding his death.
(4) The assessment of an executor under this section shall be made separately from any assessment that may be made on him in respect of his own net wealth or on the net wealth of the deceased under section 19.
(5) Separate assessments shall be made under this section in respect of the net wealth as on each valuation date as is included in the period from the date of the death of the deceased to the date of complete distribution to the beneficiaries of the estate according to their several interests.
(6) In computing the net wealth on any valuation date under this section, any assets of the estate distributed to, or applied to the benefit of, any specific legatee of the estate prior to that valuation date shall be excluded, but the assets so excluded shall, to the extent such assets are held by the legatee on any valuation date, be included in the net wealth of such specific legatee on the valuation date. Explanation .—In this section, “executor” includes an administrator or other person administering the estate of a deceased person.]
20 Assessment after partition of a Hindu Undivided Family. —
(1) Where at the time of making an assessment, it is brought to the notice of the 262 [Assessing Officer] that a partition has taken place among the members of a Hindu undivided family, and the 262 [Assessing Officer], after inquiry, is satisfied that the joint family property has been partitioned as a whole among the various members or group of members in definite portions, he shall record an order to that effect and shall make assessment on the net wealth of the undivided family as such for the assessment year or years, including the year relevant to the previous year in which the partition has taken place, if the partition has taken place on the last day of the previous year and each member or group of members shall be liable jointly and severally for the tax assessed on the net wealth of the joint family as such.
(2) Where the 262 [Assessing Officer] is not so satisfied, he may, by order, declare that such family shall be deemed for the purposes of this Act to continue to be a Hindu undivided family liable to be assessed as such.
21 Assessment when assets are held by courts of wards, administrators-general, etc. —
(1) 264 [Subject to the provisions of sub-section (1A), in the case of assets chargeable to tax under this Act], which are held by a court of wards or an administrator-general or an official trustee or any receiver or manager or any other person, by whatever name called, appointed under any order of a court to manage property on behalf of another, or any trust appointed under a trust declared by a duly executed instrument in writing, whether testamentary or otherwise (including a trustee under a valid deed of wakf), the wealth-tax shall be levied upon and recoverable from the court of wards, administrator-general, official trustee, receiver, manager or trustee, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from the person 265 [on whose behalf or for whose benefit] the assets are held, and the provisions of this Act shall apply accordingly. 266 [ Explanation. —A trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) shall be deemed, for the purposes of this sub-section, to be a trust declared by a duly executed instrument in writing if a statement in writing, signed by the trustee or trustees, setting out the purpose or purposes of the trust, particulars as to the trustee or trustees, the beneficiary or beneficiaries and the trust property, is forwarded to the 267 [Assessing Officer]—
(2) Nothing contained in sub-section (1) shall prevent either the direct assessment of the person 269 [on whose behalf or for whose benefit] the assets above referred to are held, or the recovery from such person of the tax payable in respect of such assets.
(3) Where the guardian or trustee of any person being a minor, lunatic or idiot 270 [***] holds any assets 271 [on behalf or for the benefit of such beneficiary,] the tax under this Act shall be levied upon and recoverable from such guardian or trustee, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from any such beneficiary if of full age, of sound mind and in direct ownership of such assets.
272 [(4) 273 [Notwithstanding anything contained in the foregoing provisions of this section], where the shares of the persons on whose behalf or for whose benefit any such assets are held are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from the court of wards, administrator-general, official trustee, receiver, manager, or other person aforesaid 274 [, as the case may be, in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India] for the purposes of this Act, and—
(a) at the rates specified in Part I of 275 [Schedule I] 276 [***] or
(b) at the rate of 277 [three per cent.], whichever course would be more beneficial to the revenue:
Provided that in a case where— wealth-tax shall be charged at the rates specified in Part I of 281 [Schedule I 282 [***]] 283 [ Explanation 1.—For the purposes of this sub-section, the shares of the persons on whose behalf or for whose benefit any such assets are held shall be deemed to be indeterminate or unknown unless the shares of the persons on whose behalf or for whose benefit such assets are held on the relevant valuation date are expressly stated in the order of the court or instrument of trust or deed of wakf, as the case may be, and are ascertainable as such on the date of such order, instrument or deed.] 284 [ 285 [ Explanation 2 ]—Notwithstanding anything contained in section 5, in computing the net wealth 286 [for the purposes of this sub-section or sub-section (4A) in any case, not being a case referred to in the proviso to this sub-section], any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii) and (xxix), of sub-section (1) of that section shall not be excluded.] 287 [(4A.) Notwithstanding anything contained in this section, where the assets chargeable to tax under this Act are held by a trustee under an oral trust, the wealth-tax shall be levied upon and recovered from such trustee in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India for the purposes of this Act, and—
(a) at the rates specified in Part I of Schedule I; or
(b) at the rate of three per cent.,
whichever course would be more beneficial to the revenue. Explanation. —For the purposes of this sub-section, “oral trust” means a trust which is not declared by a duly executed instrument in writing (including a valid deed of wakf) and which is not deemed under the Explanation to sub-section (1) to be a trust declared by a duly executed instrument in writing.]
288 [(5) Any person who pays any sum by virtue of the provisions of this section in respect of the net wealth of any beneficiary shall be entitled to recover the sum so paid from such beneficiary, and may retain out of any assets that he may hold on behalf or for the benefit of such beneficiary, an amount equal to the sum so paid. Explanation. —In this section, the term “beneficiary” means any person including a minor, lunatic or idiot on whose behalf or for whose benefit assets are held by any other person.]
22 Assessment of persons residing outside India. —
(1) Where the person liable to tax under this Act resides outside India, the tax may be levied upon and recovered from his agent, and the agent shall be deemed to be, for all the purposes of this Act, the assessee in respect of such tax.
(2) Any person employed by or on behalf of a person referred to in sub-section (1) or through whom such person is in the receipt of any income, profits or gains, or who is in possession or has custody of any asset of such person and upon whom the 314 [Assessing Officer] has caused a notice to be served of his intention of treating him as the agent of such person shall, for the pusposes of sub-section (1), be deemed to be the agent of such person. 315 [***]
316 [(3) No person shall be deemed to be the agent of any person residing outside India unless he has had an opportunity of being heard by the 314 [Assessing Officer] as to his being treated as such.
(4) Any agent, who, as such, pays any sum under this Act, shall be entitled to recover the sum so paid from the person on whose behalf it is paid or to retain out of any moneys that may be in his possession or may come to him in his capacity as such agent, an amount equal to the sum so paid.
(5) Any agent, or any person who apprehends that he may be assessed as an agent, may retain out of money payable by him to the person residing outside India on whose behalf he is liable to pay tax (hereinafter in this section referred to as the principal), a sum equal to his estimated liability under this section, and in the event of any disagreement between the principal and such agent or person, as to the amount to be so retained, such agent or person may secure from the 314 [Assessing Officer] a certificate stating the amount to be so retained pending final settlement of the liability, and the certificate so obtained shall be his warrant for retaining that amount.
(6) The amount recoverable from such agent or person at the time of final settlement shall not exceed the amount specified in such certificate, except to the extent to which such agent or person may at such time have in his hands additional assets of the principal.
(7) Notwithstanding anything contained in this section, any arrears of tax due from a person residing outside India may be recovered also in accordance with the provisions of this Act from any assets of such person which are or may at any time come within India.]
23 Appeal to the 397 [Deputy Commissioner (Appeals)] from orders of 398 [Assessing Officer] .—
(1) 399 [Subject to the provisions of sub-section (lA), any person]—
(a) objecting to the amount of 400 [net wealth] determined under this Act; or
(b) objecting to the amount of wealth-tax determined as payable by him under this Act; or
(c) denying his liability to be assessed under this Act; or
401 [(d) objecting to any penalty imposed by the Assessing Offcer under section 18 402 [***];]
(e) objecting to any order of the 398 [Assessing Officer] under sub-section (2) of section 20; or
(f) objecting to any penalty imposed by the 398 [Assessing Officer] under the provisions of 403 [section 221] of the Income-tax Act as applied under section 32 for the purposes of wealth-tax; 404 [or]
405 [(g) objecting to any order made by the 398 [Assessing Officer] under section 22 treating him as the agent of a person residing outside India; or
(h) objecting to any order of the 398 [Assessing Officer] under section 35 having the effect of enhancing the assessment or reducing a refund or refusing to allow the claim made by the assessee under the said section; or]
406 [(ha) objecting to any order of the Valuation Officer under section 35 having the effect of enhancing the valuation of any asset or refusing to allow the claim made by the assessee under the said section; or 407 [***]] may appeal to the 408 [Deputy Commissioner (Appeals)] 409 [before the 1st day of June, 2000,] against the assessment or order, as the case may be, in the prescribed form and verified in the prescribed manner.
(2) An appeal shall be presented within thirty days of the receipt of the notice of demand relating to the assessment or penalty objected to, or the date on which any order objected to, is communicated to him, but the 419 [Deputy Commissioner (Appeals)] 420 [or, as the case may be, the Commissioner (Appeals)] may admit an appeal after the expiration of the period aforesaid if he is satisfied that the appellant had sufficient cause for not presenting the appeal within that period.
421 [(2A) Where a return has been filed by an assessee, no appeal under this section shall be admitted unless at the time of filing of the appeal he has paid the tax due on the net wealth returned by him. 422 [***]]
(3) The 419 [Deputy Commissioner (Appeals)] 420 [or, as the case may be, the Commissioner (Appeals)] shall fix a day and place for the hearing of the appeal and may, from time to time, adjourn the hearing.
423 [(3A) If the valuation of any asset is objected to in an appeal under clause (a) of sub-section (1) 420 [or of sub-section (1A)], the 419 [Deputy Commissioner (Appeals)] 420 [or, as the case may be, the Commissioner (Appeals)] shall—
(a) in a case where such valuation has been made by a Valuation Officer under section 16A, give such Valuation Officer an opportunity of being heard;
(b) in any other case, on a request being made in this behalf by the 422 [Assessing Offcer] give an opportunity of being heard to any Valuation Officer nominated for the purpose by the 424 [Assessing Officer].]
(4) The 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)) may
(a) at the hearing of an appeal, allow an appellant to go into any ground of appeal not specified in the grounds of appeal;
(b) before disposing of an appeal, make such further inquiry as he thinks fit or cause further inquiry to be made by the 427 [ 428 [Assessing Officer] or, as the case may be, the Valuation Officer].
(5) In disposing of an appeal the, 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)] may pass such order as he thinks fit which may include an order enhancing the assessment or penalty: Provided that no order enhancing the assessment or penalty shall be made unless the person affected thereby has been given a reasonable opportunity of showing cause against such enhancement.
429 [(5A) In disposing of an appeal, the 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)] may consider and decide any matter arising out of the proceedings in which the order appealed against was passed, notwithstanding that such matter was not raised before the 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)] by the appellant.]
429 [(5B) The order of the 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)] disposing of the appeal shall be in writing and shall state the points for determination, the decision thereon and the reasons for the decision.]
(6) A copy of every order passed by the 425 [Deputy Commissioner (Appeals)] 426 [or, as the case may be, the Commissioner (Appeals)] under this section shall be forwarded to the appellant and the 428 [Chief Commissioner or Commissioner].
24 Appeal to the Appellate Tribunal from orders of the 433 [Deputy Commissioner (Appeals)]. — 434 [
(1) An assessee objecting to an order passed by the 433 [Deputy Commissioner (Appeals)] 435 [or the Commissioner (Appeals)] under section 18 or section 18A or section 23, 436 [section 23A] or sub-section (2) of section 37, 437 [***]] may appeal to the Appellate Tribunal within sixty days of the date on which the order is communicated to him.]
(2) The Commissioner may, if he is not satisfied as to the correctness of any order passed by 438 [a Commissioner (Appeals) under sub-section (10) of section 23A] direct the 439 [Assessing Officer] to appeal to the Appellate Tribunal against such order, and such appeal may be made at any time before the expiry of sixty days of the date on which the order is communicated to the Commissioner.
440 [(2A) The 3[Assessing Officer] or the assessee, as the case may be, on receipt of notice that an appeal against the order of 441 [***] the Commissioner (Appeals) has been preferred under sub-section (1) or sub-section (2) by the other party, may, notwithstanding that he may not have appealed against such order or any part thereof, within thirty days of the receipt of the notice, file a memorandum of cross objections, verified in the prescribed manner against any part of the order of 441 [***] 438 [the Commissioner (Appeals)] and such memorandum shall be disposed of by the Appellate Tribunal as if it were an appeal presented within the time specified in sub-section (1) or sub-section (2).]
442 [(3) The Appellate Tribunal may admit an appeal or permit the filing of a memorandum of cross objections after the expiry of the relevant period referred to in sub-section (1) or sub-section (2) or sub-section (2A), if it is satisfied that there was sufficient cause for not presenting it within that period.]
(4) An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the prescribed manner and shall, except in the case of an appeal referred to in sub-section (2), be accompanied by 443 [a fee of 444 [one thousand rupees]]: 445 [Provided that in the case of an appeal not relatable to net wealth as computed by the Assessing Officer, the appeal shall be accompanied by a fee of five hundred rupees.]
(5) The Appellate Tribunal may, after giving both parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit, and any such orders may include an order enhancing the assessment or penalty: 446 [Provided that if the valuation of any asset is objected to, the Appellate Tribunal shall,— Provided further that] no order enhancing an assessment or penalty shall be made unless the person affected thereby has been given a reasonable opportunity of showing cause against such enhancement.
(9) A copy of every order passed by the Appellate Tribunal under this section shall be forwarded to the assessee and the Commissioner.
(10) Save as provided in section 27, 450 [or section 27A] any order passed by the Appellate Tribunal on appeal shall be final.
(11) The provisions of 451 [sub-sections (1), (4) and (5) of section 255] of the Income-tax Act shall apply to the Appellate Tribunal in the discharge of its functions under this Act as they apply to it in the discharge of its functions under the Income-tax Act.
25 Powers of Commissioner to revise orders of subordinate authorities. —
(1) The Commissioner may, either of his own motion or on application made by an assessee in this behalf, call for the record of any proceeding under this Act in which an order has been passed by any authority subordinate to him, and may make such inquiry, or cause such inquiry to be made, and, subject to the provisions of this Act, pass such order thereon, not being an order prejudicial to the assessee, as the Commissioner thinks fit: Provided that the Commissioner shall not revise any order under this sub-section in any case— (a) where an appeal against the order lies to the [Deputy Commissioner (Appeals)] 452 [or to the Commissioner (Appeals)] or to the Appellate Tribunal, the time within which such appeal can be made has not expired or in the case of an appeal 2[to the Commissioner (Appeals) or] to the Appellate Tribunal the assessee has not waived his right of appeal;
(b) where the order is the subject of an appeal before the [Deputy Commissioner (Appeals)] 452 [or the Commissioner (Appeals)] or the Appellate Tribunal;
(c) where the application is made by the assessee for such revision, unless—
(i) the application is accompanied by a fee of twenty-five rupees; and
(ii) the application is made within one year from the date of the order sought to be revised or within such further period as the Commissioner may think fit to allow on being satisfied that the assessee was prevented by sufficient cause from making the application within that period; and
(d) where the order is sought to be revised by the Commissioner of his own motion, if such order is made more than one year previously. Explanation.—For the purpose of this sub-section,—
(a) the [Deputy Commissioner (Appeals)] shall be deemed to be an authority subordinate to the Commissioner; and
(b) an order by the Commissioner declining to interfere shall be deemed not to be an order prejudicial to the assessee.
(2) Without prejudice to the provisions contained in sub-section (1), the Commissioner may call for and examine the record of any proceeding under this Act, and if he considers that any order passed therein by 453 [an Assessing Officer] is erroneous insofar as it is prejudicial to the interests of revenue, he may, after giving the assessee an opportunity of being heard, and after making or causing to be made such inquiry as he deems necessary, pass such order thereon as the circumstances of the case justify, including an order enhancing or modifying the assessment or cancelling it and directing a fresh assessment. 454 [Explanation.—For the removal of doubts, it is hereby declared that, for the purposes of this sub-section;
459 [(3) No order shall be made under sub-section (2) after the expiry of two years 460 [from the end of the financial year in which the order sought to be revised was passed].
462 [(4) Notwithstanding anything contained in sub-section (3) or sub-section (3A), an order in revision under sub-section (1) or sub-section (2) may be passed at any time in consequence of, or to give effect to, any finding or direction contained in an order of Appellate Tribunal, 463 [National Tax Tribunal] the High Court or the Supreme Court.] Explanation.— In computing the period of limitation for the purposes of sub-section (3) the time taken in giving an opportunity to the assessee to be re-heard under the proviso to section 39 and any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded.]
26 Appeal to the Appellate Tribunal from orders of enhancement by 464 [Chief Commissioners or Commissioners]. —
(1) Any assessee objecting to 465 [an order passed by the 466 [Chief Commissioner or Commissioner] under section 18 467 [or section 18A] or sub-section (2) of section 25], 468 [or an order passed by the Director-General or Director under Section 18A] may appeal to the Appellate Tribunal within sixty days of the date on which the order is communicated to him.
(2) An appeal to the Appellate Tribunal under sub-section (1) shall be in the prescribed form and shall be verified in the prescribed manner and shall be accompanied by 469 [a fee of 470 [two hundred rupees]].
(3) The provisions of 471 [sub-section (3), (5), (9) and (10)] of section 24 shall apply in relation to any appeal under this section as they apply in relation to any appeal under that section.
27 Reference of High Court. — 472 [
(1) The assessee or the 473 [Chief Commissioner or Commissioner] may, within sixty days of the date upon which he is served with notice of an order 474 [passed before the 1st day of June, 1999] under section 24 or section 26 475 [or clause (e) of sub-section (1) or section 35], by application in the prescribed form accompanied, where the application is made by the assessee, by 476 [a fee of 477 [two hundred rupees]] require the Appellate Tribunal to refer to the High Court any qestion of law arising out of such order and, subject to the other provisions contained in this section, the Appellate Tribunal shall, within one hundred and twenty days of the receipt of such application, draw up a statement of the case and refer it to the High Court.
(2) The Appellate Tribunal may, if it is satisfied that the applicant was prevented by sufficient cause from presenting the application within the period specified in sub-section (1) allow it to be presented within a further period not exceeding thirty days.]
(3) If, on an application made under sub-section (1) the Appellate Tribunal.—
(a) refuses to state a case on the ground that no question of law arises; or
(b) rejects it on the ground that it is time barred; the applicant may, within 478 [ninety days] from the date on which he is served with a notice of refusal or rejection, as the case may be, apply to the High Court, and the High Court may, if it is not satisfied with the correctness of the decision of the Appellate Tribunal, require the Appellate Tribunal to state the case to the High Court, and on receipt of such requisition the Appellate Tribunal shall state the case:
Provided that, if in any case where the Appellate Tribunal has been required by an assessee to state a case the Appellate Tribunal refuses to do so on the ground that no question of law arises, the assessee may, within thirty days from the date on which he receives notice of refusal to state the case, withdraw his application, and if he does so, the fee paid by him under sub-section (1) shall be refunded to him.
479 [(3A) If, on an application made under this section the Appellate Tribunal is of the opinion that, on account of a conflict in the decisions of the Hight Courts in respect of any particular question of law, it is expedient that a reference should be made direct to the Supreme Court, the Appellate Tribunal may draw up a statement of the case and refer it through its President direct to the Supreme Court.]
(4) The statement to the High Court 481 [or the Supreme Court] shall set forth the facts, the determination of the Appellate Tribunal and the question of law which arises out of the case.
(5) If the High Court 481 [or the Supreme Court] is not satisfied that the case as stated is sufficient to enable it to determine the question of law raised thereby, it may require the Appellate Tribunal to make much modifications therein as it may direct.
(6) The High Court 481 [or the Supreme Court], upon hearing any such case, shall decide the question of law raised therein, and in doing so, may, if it thinks fit, alter the form of the question of law and shall deliver judgment thereon containing the ground on which such decision is founded and shall send a copy of the judgment under the seal of the court and the signature of the Registrar to the Appellate Tribunal and the Appellate Tribunal shall pass such orders as are necessary to dispose of the case conformably to such judgment.
482 [(7) The cost of any reference to the High Court or the Supreme Court which shall not include the fee for making the reference, shall be in the discretion of the Court].
28 Hearing by High Court. —When a case has been stated to the High Court 489 [under section 27, or an appeal filed before the High Court under section 27A], it shall be heard by a Bench of not less than two Judges of the High Court and shall be decided in accordance with the opinion of such Judges or of the majority of such Judges, if any: Provided that where there is no such majority, the Judges shall state the point of law upon which they differ and the case shall then be heard upon that point only by one or more of the Judges of the High Court, and such point shall be decided according to the opinion of the majority of the Judges who have heard the case, including those who first heard it.
29 Appeal to Supreme Court.—
(1) An appeal shall lie to the Supreme Court from any judgement of the High Court delivered 490 [before the date ofestablishment the National Tax Tribunal] on a case stated 491 [under section 27 or an appeal filed under section 27A] in any case which the High Court certified as a fit case for appeal to the Supreme Court.
(2) Where the judgment of the High Court is varied or reversed on appeal under this section, effect shall be given to the order of the Supreme Court in the manner provided in sub-section (6) of section 27 492 [or in sub-section (7) of section 27A].
(3) The High Court may, on application made to it for the execution of any order of the Supreme Court in respect of any costs awarded by it, transmit the order for execution to any court subordinate to the High Court.
493 [ 29A Tax to be paid notwithstanding reference, etc. —Notwithstanding that a reference has been made to the High Court or the Supreme Court, or an appeal has been preferred to the Supreme Court, 494 [under this Act before the commencement of the National Tax Tribunal, Act 2005 (49 of 2005)] wealth-tax shall be payable in accordance with the assessment made in the case.]
495 [ 29B Definition of High Court:- In this Chapter, “High Court” means–
(i) in relation to any State, the High Court of that State;
496 [(ii) in relation to the Union territory of Delhi, the High Court of Delhi;
497 [***]
498 [(iii) in relation to the Union territories of Arunachal Pradesh and Mizoram, the Gauhati High Court (the High Court of Assam, Nagaland, Meghalaya, Manipur and Tripura);]
(iv) in relation to the Union territory of Andaman and Nicobar Islands, the High Court at Calcutta;
(v) in relation to the Union territory of 499 [ Lakshadweep ], the High Court of Kerala;
(vi) in relation to the Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu, the High Court at Bombay;
(vii) in relation to the Union territory of Pondicherry, the High Court at Madras;
500 [(viii) in relation to the Union territory of Chandigarh, the High Court of Punjab and Haryana.]]
501 [ 30 Notice of demand .—When any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed under this Act, the 502 [Assessing Officer] shall serve upon the assessee a notice of demand in the prescribed form specifying the sum so payable.]
503 [ 31 When tax, etc., payable and when assessee deemed in default .—
(1) Any amount specifed as payable in a notice of demand under section 30 shall be paid within 504 [thirty days] of the service of the notice at the place and to the person mentioned in the notice: Provided that, where the 505 [Assessing Officer] has any reason to believe that it will be detrimental to revenue if the full period of 504 [thirty days] aforesaid is allowed, he may, with the previous approval of the 506 [Deputy Commissioner], direct that the sum specified in the notice of demand shall be paid within such period being a period less than the period of 504 [thirty days] aforesaid, as may be specified by him in the notice of demand.
(2) If the amount specifed in any notice of demand under section 30 is not paid within the period limited under sub-section (1), the assessee shall be liable to pay simple interest at 507 [ 508 [ 509 [one per cent.]] for every month or part of a month comprised in the period commencing from the day immediately following the end of the period mentioned in sub-section (1) and ending with the day on which the amount is paid]: Provided that, where as a result of an order under section 23 510 [or section 23A], or section 24, or section 25, or section 26, or section 27, or section 29, or section 35 511 [or any order of the Wealth-tax Settlement Commission under sub-section (4) of section 22D] the amount on which interest was payable under this section had been reduced, the interest shall be reduced accordingly and the excess interest paid, if any, shall be refunded: 512 [Provided further that in respect of any period commencing on or before the 31st day of March, 1989, and ending after that date, such interest shall, in respect of so much of such period as falls after that date, be calculated at the rate of 513 [ 514 [ 515 [one per cent.]] for every month or part of a month.]
(3) Without prejudice to the provisions contained in sub-section (2), on an application made by the assessee before the expiry of the due date under sub-section (1), the 522 [Assessing Officer] may extend the time for payment or allow payment by instalments, subject to such conditions as he may think fit to impose in the circumstances of the case.
(4) If the amount is not paid within the time limit under sub-section (1) or extended under sub-section (3), as the case may be, at the place and to the person mentioned in the said notice, the assessee shall be deemed to be in default.
(5) If in a case where payment by instalments is allowed under sub-section (3), the assessee commits default in paying any one of the instalments within the time fixed under that sub-section, that assessee shall be deemed to be in default as to the whole of the amount then outstanding, and the other instalment or instalments shall be deemed to have been due on the same date as the instalment actually in default.
(6) Where an assessee has presented an appeal under section 23 523 [or section 23A], the 522 [Assessing Officer] may, in his discretion, and subject to such conditions as he may think fit to impose in the circumstances of the case, treat the assessee as not being in default in respect of the amount in dispute in the appeal, even though the time for payment has expired as long as such appeal remains undisposed of.
(7) Where an assessee has been assessed in respect of assets located in a country outside lndia, the laws of which prohibit or restrict the remittance of money to India, the 522 [Assessing Officer] shall not treat the assessee as in default in respect of that part of the tax which is attributable to those assets, and shall continue to treat the assessee as not in default in respect of that part of the tax until the prohibition or restriction of remittance is removed.]
524 [ 32 Mode of recovery :—The provisions contained in 525 [sections 221 to 227, 228A], 229, 231 and 232 of the Income-tax Act and the Second and Third Schedules to that Act and any rules made thereunder shall, so far as may be, apply as if the said provisions were provisions of this Act and referred to wealth-tax and sums imposed by way of penalty, fine and interest under this Act instead of to income-tax and sums imposed by way of penalty, fine and interest under that Act 526 [and to the corresponding wealth-tax authorities instead of to the income-tax authorities specified therein]. Explanation I. —Any reference to section 173 and sub-section (2) or sub-section (6) or sub-section (7) of section 220 of the Income-tax Act in the said provisions of that Act or the rules made thereunder shall be construed as references to sub-section (7) of section 22 and sub-section (2) or sub-section (6) or sub-section (7) of section 31 of this Act respectively. ]]
33 Liability of transferees of properties in certain cases .—
(1) Where by reason of the provisions contained in section 4, the value of any assets transferred to any of the persons mentioned in that section have to be included in the net wealth of an individual, the person in whose name such assets stand shall, notwithstanding anything contained in any law to the contrary, be liable, on the service of a notice of demand by the 528 [Assessing Officer] in this behalf, to pay that portion of the tax assessed on the assessee as is attributable to the value of the asset standing in his name as aforesaid: Provided that where any such asset is held jointly by more than one person, they shall be jointly and severally liable to pay the tax as is attributable to the value of the asset so jointly held.
(2) Where any such person as is referred to in sub-section (I) defaults in making payment of any tax demanded from him, he shall be deemed to be an assessee in default in respect of such sum, and all the provisions of this Act relating to recovery shall apply accordingly.
34 Restrictions on registration of transfers of immovable property in certain cases: —[ Rep. by the Wealth-tax Act, 1964 (46 of 1964), sec. 29 (w.e.f. 1-4-1965). ]
529 [ 34A Refunds .—
(1) Where, as a result of any order passed in appeal or other proceeding including a rectification proceeding under this Act, refund of any amount becomes due to the assessee, the 530 [Assessing Officer] shall, except as otherwise provided in this Act, refund the amount to the assessee without his having to make any claim in that behalf: 531 [Provided that where, by the order aforesaid;
533 [(2) Where refund of any amount becomes due to the assessee as a result of an order under this Act or under the provisions of sub-section (1) of section 16 after a return has been” made under section 14 or section 15 or in response to a notice under clause (i) of sub-section (4) of section 16 and the Assessing Officer is of the opinion, having regard to the fact that, that the grant of the refund is likely to adversely affect the revenue, the Assessing Officer may, with the previous approval of the Chief Commissioner or Commissioner, withhold the refund till such time as the Chief Commissioner or Commissioner may determine.]
(3) Where a refund is due to the assessee in pursuance of an order referred to in sub-section (1) and the 530 [Assessing Officer] does not grant the refund within a period of six months from the date of such order, the Central Government shall pay to the assessee simple interest at 534 [ 535 [ 536 [ 537 [six per cent.]]]] per annum on the amount of refund due from the date immediately following the expiry of the period of six months aforesaid to the date on which the refund is granted.
538 [(3A) Where the whole or any part of the refund referred to in sub-section (3) is due to the assessee as a result of any amount having been paid by him after the 31st day of March, 1975 in pursuance of any order of assessment or penalty and such amount or any part thereof having been found in appeal or other proceeding under this Act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this Act, the Central Government shall pay to such assessee simple interest at the rate specified in sub-section (3) on the amount so found to be in excess from the date on which such amount was paid to the date on which the refund is granted: Provided that, where the amount so found to be in excess was paid in instalments, such interest shall be payable on the amount of each such instalment or any part of such instalment, which was in excess, from the date on which such instalment was paid to the date on which the refund is granted: Provided further that no interest under this sub-section shall be payable for a period of one month from the date of the passing of the order in appeal or other proceeding: Provided also that where any interest is payable to an assessee under this sub-section, no interest under sub-section (3) shall be payable to him in respect of the amount so found to be in excess.]
(4) Where a refund is withheld under the provisions of sub-section (2), the Central Government shall pay interest at the aforesaid rate on the amount of refund ultimately determined to be due as a result of the appeal or further proceeding for the period commencing after the expiry of six months from the date of the order referred to in that sub-section to the date the refund is granted.
(5) Where under any of the provisions of this Act, a refund is found to be due to any person, the 546 [Assessing Officer] or 547 [Deputy Commissioner (Appeals)] or 548 [Commissioner (Appeals)] or 549 [Chief Commissioner or Commissioner] as the case may be may in lieu of payment of the refund, set off the amount to be refunded or any part of that amount, against the sum, if any, remaining payable under this Act by the person to whom the refund is due, after giving an intimation in writing to such person of the action proposed to be taken under this section.] ]
550 [ 34AA Appearance by registered valuers .—Notwithstanding anything contained in this Act, any assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under this Act to attend in person, may attend by a registered valuer.]
551 [ 34AB Registration of valuers .—
(1) The 6 [Chief Commissioner or Director-General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.
(2) Any person who possesses the qualifications prescribed in this behalf may apply to the 552 [Chief Commissioner or Director-General] in the prescribed form for being registered as a valuer under this section: Provided that different qualifications may be prescribed for valuers of different classes of assets.
(3) Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declartion to the effect that the applicant will (i) make an impartial and true valuation of any asset which he may be required to value;
(ii) furnish a report of such valuation in the prescribed form;
(iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf;
(iv) not undertake valuation of any asset in which he has a direct or indirect interest.
(4) The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner. ]
34AC Restrictions on practice as registered valuer.—
(1) No person, either alone or in partnership with any other person, shall practise, describe himself or hold himself out as a registered valuer for the purposes of this Act or permit himself to be so described or held out, unless he is registered as a valuer or, as the case may be, unless he and all his partners are so registered under this Chapter.
(2) No company or other body corporate shall practise, describe itself or hold itself out as registered valuers for the purposes of this Act or permit itself to be so described or held out.
557 [ 34AD Removal from register of names of valuers and restoration .—
(1) The 558 [Chief Commissioner or Director-General] may remove the name of any person from the register of valuers where 559 [he is satisfied] after giving that person a reasonable opportunity of being heard and after such further inquiry, if any, as 560 [he thinks fit] to make;
(i) that his name has been entered in the register by error or on account of misrepresentation or suppression of a material fact;
(ii) that he has been convicted of any offence and sentenced to a term of imprisonment or has been guilty of misconduct in his professional capacity which, in the opinion of the 561 [Chief Commissioner or Director-General], renders him unfit to be kept in the register.
(2) The 562 [Chief Commissioner or Director-General] may, on application and on sufficient cause being shown, restore to the register the name of any person removed therefrom.]
565 [ 34B Transfers to defraud revenue to be void .-—
(1) Where, during the pendency of any proceeding under this Act or after the completion thereof, but before the service of notice under rule 2 of the Second Schedule to the Income-tax Act as made applicable to this Act by section 32, any assessee creates a charge on, or parts with (by way of sale, mortgage gift, exchange or any other mode of transfer whatsoever) the possession of any of his assets in favour of any other person, such charge or transfer shall be void as against any claim in respect of any tax or any other sum payable by the assessee as a result of the completion of the proceeding or otherwise: Provided that such charge or transfer shall not be void, if it is made
(i) for adequate consideration and without notice of the pendency of such proceeding or, as the case may be, without notice of such tax or other sum payable by the assessee; or
(ii) with the previous permission of the 566 [Assessing Officer].
(2) This section applies to cases where the amount of tax or other sum payable or likely to be payable exceeds] five thousand rupees and the assets charged or transferred exceed ten thousand rupees in value. Explanation .—In this section, “assets” means land, building, machinery, plant, shares, securities and fixed deposits in banks to the extent to which any of the assets aforesaid does not form part of the stock in trade of the business of the assessee. ]
567 [ 34C Provisional attachment to protect revenue in certain cases .—
(1) Where, during the pendency of any proceeding for the assessment of net wealth or for the assessment or re-assessment of net wealth which has escaped assessment, the 568 [Assessing Officer] is of the opinion that for the purpose of protecting the interests of the revenue it is necessary to do, he may, with the previous approval of the 569 [Chief Commissioner or Commissioner], by order in writing, attach provisionally any property belonging to the assessee in the manner provided in the Second Schedule to the Income-tax Act as made applicable to this Act by section 32.] 570 [ Explanation .—For the purposes of this sub-section, the proceedings under sub-section (5) of section 37A shall be deemed to be proceedings for the assessment of any net wealth or for the assessment or reassessment of any net wealth which has escaped assessment.]
(2) Every such provisional attachment shall cease to have effect after the expiry of a period of six months from the date of the order made under sub-section (1): Provided that the 569 [Chief Commissioner or Commissioner] may, for reasons to be recorded in writing, extend the aforesaid period by such further period or periods as he thinks fit, so however, that the total period of extension shall not in any case exceed two years:] 571 [Provided further that where an application for settlement under section 22C is made the period commencing from the date on which such application is made and ending with the date on which an order under sub-section (1) of section 22D is made shall be excluded from the period specified in the preceding proviso.]
572 [ 35 Rectification of mistakes .—
(1) With a view to rectifying any mistake apparent from the record
(a) the 573 [Assessing Officer] may amend any order of assessment or of refund or any other order passed by him;
574 [(aa) a wealth-tax authority may amend any intimation or deemed intimation under sub-section (1) of section 16.] 575 [ 576 [(aaa)] the Valuation Officer may amend any order passed by him under section 16A;]
577 [(b) the 578 [Joint Director] or 579 [Joint Commissioner] or Director or Commissioner or Deputy Commissioner (Appeals) or Commissioner (Appeals) may amend any order passed by him under section 18A;] 580 [***]
(d) the Commissioner may amend any order passed by him under section 25;
(e) the Appellate Tribunal may amend any order passed by it under section 24.]
(2) Where the amount of tax, penalty or interest determined as a result of the first appeal or revision against the order referred to in sub-clause (iii) of clause (m) of section 2, 583 [as it existed immediately before its amendment by the Finance Act, 1992,] is paid within six months of the date of the order passed in such appeal or revision, the 573 [Assessing Officer] may, notwithstanding anything to the contrary in this Act, rectify the assessment by allowing a deduction to the extent the tax, penalty or interest so paid stood disallowed therein as if such rectification were a rectification of a mistake apparent from the record.
(3) Subject to the other provisions of this section, the authority concerned—
(a) may make an amendment under sub-section (1) or sub-section (2) of its own motion; and
(b) shall make such amendment for rectifying any such mistake which has been brought to its notice by the assessee, and where the authority concerned is the 584 [Valuation Officer or the 585 [Deputy Commissioner (Appeals)]] 586 [or the Commissioner (Appeals)] or the Appellate Tribunal, by the 573 [Assessing Officer] also.
(4) An amendment, which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of the assessee, shall not be made under this section unless the authority concerned has given notice to the assessee of its intention so to do and has allowed the assessee a reasonable opportunity of being heard.
(5) Where an amendment is made under this section, an order shall be passed in writing by the Wealth-tax authority concerned or the Tribunal, as the case may be.
(6) Where any such amendment has the effect of enhancing the assessment or reducing a refund already made, the 573 [Assessing Officer] shall serve on the assessee a notice of demand in the prescribed form specifying the sum payable, and such notice of demand shall be deemed to be issued under section 30 and the provisions of this Act shall apply accordingly.
587 [(6A) Where any amendment made by the Valuation Officer under clause (aa) of sub-section (1) has the effect of enhancing the valuation of any asset, he shall send a copy of his order to the 573 [Assessing Officer] who shall thereafter proceed to amend the order of assessment in conformity with the order of the Valuation Officer and the provisions of subsection (6) shall apply accordingly.]
(7) No amendment under this section shall be made after the expiry of four years—
(a) in the case of an amendment under sub-section (2) 588 [from the end of the financial year in which the order was passed in the first appeal or revision] referred to in that sub-section; and
(b) in any other case 589 [from the end of the financial year in which the order sought to be amended was passed]
590 [(7A) Notwithstanding anything contained in sub-section (7), where the valuation of any asset has been enhanced by the Valuation Officer under this section the consequential amendment to the order of assessment may be made by the 573 [Assessing Officer] at any time before the expiry of one year from the date of the order of the Valuation Officer under this section.]
(8) Where any matter has been considered and decided in a proceeding by way of an appeal or revision relating to an order referred to in sub-section (1), the authoriry passing such order may, notwithstanding anything contained in any other law for the time being in force, amend the order under this section in relation to any matter other than the matter which has been so considered and decided.]
591 [ 35A Wilful attempt to evade tax, etc . —
(1) If a person wilfully attempts in any manner whatsoever to evade any tax, penalty or interest chargeable or imposable under this Act, he shall, without prejudice to any penalty that may be imposable on him under any other provision of this Act, be punishable;
(i) in a case where the amount sought to be evaded exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine.
(2) If a person wilfully attempts in any manner whatsoever to evade the payment of any tax, penalty or interest under this Act, he shall, without prejudice to any penalty that may be imposable on him under any other provisions of this Act, be punishable with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and shall, in the discretion of the court, also be liable to fine. Explanation .—For the purposes of this section, a wilful attempt to evade any tax, penalty or interest chargeable or imposable under this Act of the payment thereof shall include a case where any person
(a) has in his possession or control any books of account or other documents (being books of account or other documents relevant to any proceeding under this Act) containing a false entry or statement, or
(b) makes, or causes to be made, any false entry or statement in such books of account or other documents, or
(c) wilfully omits, or causes to be omitted, any relevant entry or statement in such books of account or other documents, or
(d) causes any other circumstances to exist which will have the effect of enabling such person to evade any tax, penalty or interest chargeable or imposable under this Act or the payment thereof.]
592 [ 35B Failure to furnish returns of net wealth .—If a person wilfully fails to furnish in due time the return of his net wealth which he is required to furnish under sub-section
(1) of section 14 or by notice given under sub-section (2) of section 14 or under sub-section (1) of section 17, he shall be punishable;
(i) in a case where the amount of tax, which would have been evaded if the failure had not been discovered, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine: Provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of net wealth under sub-section (1) of section 14—
(i) for any assessment year commencing prior to the 1st day of April, 1975; or
(ii) for any assessment year commencing on or after the 1st day of April, 1975, if—
(a) the return is furnished by him before the expiry of the assessment year; or
(b) the tax payable by him on his net wealth determined on regular assessment does not exceed three thousand rupees.]
593 [ 35C Failure to produce accounts, records, etc.— If a person wilfully fails to produce, or cause to be produced, on or before the date specified in any notice under sub-section (4) of section 16, such accounts, records and documents as are referred to in the notice, he shall be punishable with rigorous imprisonment for a term which may extend to one year or with fine equal to a sum calculated at a rate which shall not be less than four rupees or more than ten rupees for every day during which the default continues, or with both.]
594 [ 35D False statement in verification, etc., made under certain provisions of the Act .—If a person makes a statement in any verification under this Act (other than under section 34AB) or under any rule made thereunder, or delivers an account or statement which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable,—
(i) in a case where the amount of tax which would have been evaded if the statement of account had been accepted as true, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine.]
595 [ 35E False statement in verification mentioned in section 34AB .—If a person makes a statement in a verification mentioned in section 34AB which is false, and which he either knows or believes to be false, or does not believe to be true, he shall be punishable with imprisonment for a term which may extend to six months or with fine or with both.]
600 [ 35F Abetment of false return, etc .—If a person abets or induces in any manner another person to make and deliver an account, statement or declaration relating to any net wealth chargeable to tax which is false and which he either knows to be false or does not believe to be true or to commit an offence under sub-section
(1) of section 35A, he shall be punishable,—
(i) in a case where the amount of tax, penalty or interest, which would have been evaded, if the declaration, account or statement had been accepted as true, or which is wilfully attempted to be evaded, exceeds one hundred thousand rupees, with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine;
(ii) in any other case, with rigorous imprisonment for a term which shall not be less than three months but which may extend to three years and with fine.]
601 [ 35G Punishment for second and subsequent offences .—If any person convicted of an offence under sub-section
(1) of section 35A or section 35B or section 35D or section 35F is again convicted of an offence under any of the aforesaid provisions, he shall be punishable for the second and for every subsequent offence with rigorous imprisonment for a term which shall not be less than six months but which may extend to seven years and with fine.]
603 [ 35H Offences by Hindu undivided families .—
(1) Where an offence under this Act has been committed by a Hindu undivided family, the Karta thereof shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section shall render the Karta liable to any punishment if he proves that the offence was committed without his knowledge or that he had exercised all due diligence to prevent the commission of such offence.
(2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a Hindu undivided family and it is proved that the offence has been committed with the consent or connivance of, or is attributable to any neglect on the part of, any member thereof, such member shall also be deemed to be guilty of that offence and shall be liable to be proceeded against and punished accordingly.]
609 [ 35J Certain offences to be non-cognizable .—Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), an offence punishable under section 35A or section 35B or section 35D or section 35F shall be deemed to be non-cognizable within the meaning of that Code.]
610 [ 35K Bar on prosecutions and on inadmissibility of evidence in certain circumstances.—
(1) A person shall not be proceeded against for an offence under section 35A or section 35D in relation to the assessment for 611 [an assessment year] in respect of which the penalty imposed or imposable on him under clause (iii) of sub-section (1) of section 18 has been reduced or waived by an order under section 18B.
(2) Where any proceeding for prosecution has been taken against any person under this Act, any statement made on account or other document produced by such person before 612 [any Wealth-tax authority (not being an Inspector of Income-tax)] shall not be inadmissible as evidence for the purpose of such proceedings merely on the ground that such statement was made or such account or other document was produced in the belief that the penalty imposable would be reduced or waived under section 18B or that the offence in respect of which such proceeding was taken would be compounded.]
613 [ 35L Jurisdiction of courts.— No court inferior to that of a Metropolitan Magistrate or a Magistrate of the first class shall try any offence under this Act.]
614 [ 35M Section 360 of the Code of Criminal Procedure, 1973 and the Probation of Offenders Act, 1958, not to apply. —Nothing contained in section 360 of the Code of Criminal Procedure, 1973 (2 of 1974), or in the Probation of Offenders Act, 1958 (20 of 1958), shall apply to a person convicted of an offence under this Act unless that person is under eighteen years of age.]
615 [ 35N Presumption as to books of account, etc., in certain cases .—
(1) Where during the course of any search made under section 37A, any books of account or other documents, articles or things including money have been found in the possession or control of any person and such books of account or other documents are tendered, or such articles or things including money are relied upon, by the prosecution in evidence against such person or against such person and the person referred to in section 35F for an offence under this Act, the provisions of sub-section (5) of section 37A shall, so far as may be, apply in relation to such books of account or other documents, articles or things including money.
(2) Where
(i) any books of account or other documents taken into custody, from the possession or control of any person by any officer or authority under clause (a) or clause (b) of sub-section (1) of section 37B, are delivered to the requisitioning officer under sub-section (2) of that section; or
(ii) any note or inventory of any articles or things including money taken into custody, from the possession of any person, by any officer or authority under clause (c) of sub-section (1) of section 37B, is furnished to the requisitioning officer under sub-section (2) of that section,
and such books of account or other documents are tendered, or such note or inventory is relied upon, by the prosecution in evidence against such person or against such person and the person referred to in section 35F for an offence under this Act, the provisions of sub-section (5) of section 37A shall, so far as may be, apply in relation to such books of account or other documents or, as the case may be, the articles or things including money, covered by such note or inventory.]
618 [ 36A Power to tender immunity from prosecution .—
(1) The Central Government may, if it is of opinion (the reasons for such opinion being recorded in writing) that with a view to obtaining the evidence of any person appearing to have been directly or indirectly concerned in or privy to the concealment of particulars of net wealth or to the evasion of payment of tax on net wealth, it is necessary or expedient so to do, tender to such person immunity from prosecution for any offence under this Act or under the Indian Penal Code (45 of 1860) or under any other Central Act for the time being in force and also from the imposition of any penalty under this Act on condition of his making a full and true disclosure of the whole circumstances relating to the concealment of particulars of net wealth or evasion of payment of tax on net wealth.
(2) A tender of immunity made to, and accepted by, the person concerned shall, to the extent to which the immunity extends, render him immune from prosecution for any offence in respect of which the tender was made or from the imposition of any penalty under this Act.
(3) If it appears to the Central Government that any person to whom immunity has been tendered under this section has not complied with the condition on which the tender was made or is wilfully concealing anything or is giving false evidence, the Central Government may record a finding to that effect, and thereupon the immunity shall be deemed to have been withdrawn, and any such person may be tried for the offence in respect of which the tender of immunity was made or for any other offence of which he appears to have been guilty in connection with the same matter and shall also become liable to the imposition of any penalty under this Act to which he would otherwise have been liable.
619 [ 37 Power to take evidence on oath, etc :-
(1) 620 [The 621 [Assessing Officer], Valuation Officer,] 622 [Deputy Commissioner (Appeals)], 623 ‘ [Commissioner (Appeals),] 624 [Chief Commissioner or Commissioner] and the Appellate Tribunal shall, for the purposes of this Act, have the same powers as are vested in a court under the Code of Civil Procedure, 1908 (5 of 1908), when trying a suit in respect of the following matters, namely:—
(a) discovery and inspection;
(b) enforcing the attendance of any person, including any officer of a banking company and examining him on both;
(c) compelling the production of books of account and other documents; and
(d) issuing commissions.
(3) Subject to any rules made in this behalf, any authority referred to in sub-section (1) 628 [or sub-section (lA) ] may impound and retain in its custody for such period as it thinks fit any books of account or other documents produced before it in any proceeding under this Act: Provided that 629 [ 630 [an Assessing Officer] or a Valuation Officer] 631 [or an 632 [Assistant Director or Deputy Director]] shall not—
(a) impound any books of account or other documents without recording his reasons for so doing, or
(b) retain in his custody any such books or documents for a period exceeding fifteen days (exclusive of holidays) without obtaining the approval of 633 [the Chief Commissioner or Director-General or Commissioner or Director therefor, as the case may be].
(4) Any proceeding under this Act before a Wealth-tax authority or the Tribunal shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 196, of the Indian Penal Code (45 of 1860).]
634 [ 37A Power of search and seizure :-
(1) Where the 635 [Director-General or Director] or the 636 [Chief Commissioner or Commissioner] or any such 637 [Joint Director] or 638 [Joint Commissioner] as may be empowered in this behalf by the Board, in consequence of information in his possession, has reason to believe that—
(a) any person to whom a notice under sub-section (4) of section 16 or a summons under section 37 was issued to produce, or cause to be produced, any books of account or other documents, has omitted or failed to produce, or cause to be produced, such books of account or other documents as required by such notice or summons, or
(b) any person to whom a notice or summons as aforesaid has been or might be issued will not, or would not, produce, or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under this Act, or
(c) any person is in possession of 639 [any money, bullion, jewellery or other valuable article or thing] disproportionate to his known assets, particulars of which will be useful for, or relevant to, any proceeding under this Act, then,—
(A) the 640 [Director-General or Director] or the 641 [Chief Commissioner or Commissioner], as the case may be, may authorise any 642 [Joint Director], 643 [Joint Commissioner], 644 [Assistant Director or Deputy Director], 645 [Assistant Commissioner or Income-tax Officer], or
(B) such 642 [Joint Director] or 643 [Joint Commissioner] may authorise any 644 [Assistant Director or Deputy Director], 645 [Assistant Commissioner or Income-tax Officer],
(the officer so authorised in all cases being hereafter in this section referred to as the authorised officer) to— Provided that where any building, place, vessel, vehicle or aircraft referred to in clause (i) is within the area of jurisdiction of any 649 [Chief Commissioner or Commissioner] but such 3 649 [Chief Commissioner or Commissioner] has no jurisdiction over the person referred to in clause (a) or clause (b) or clause (c) of this sub-section, then, notwithstanding anything contained in 650 [section 8], it shall be competent for him to exercise the powers under this sub-section in all cases where he has reason to believe that any delay in getting the authorisation from the 649 [Chief Commissioner or Commissioner] having jurisdiction over such person may be prejudicial to the interests of the revenue: 651 [Provided further that where it is not possible or practicable to take physical possession of any valuable article or thing and remove it to a safe place due to its volume, weight or other physical characteristics or due to its being of a dangerous nature, the authorised officer may serve an order on the owner or the person who is in immediate possession or control thereof that he shall not remove, part with or otherwise deal with it except with the previous permission of such authorised officer and such action of the authorised officer shall be deemed to be seizure of such valuable article or thing under clause (iv) of this sub-section.]
(2) Where any 649 [Chief Commissioner or Commissioner], in consequence of information in his possession, has reason to suspect that any books of account or other documents, 652 [money, bullion, jewellery or other valuable article or thing] in respect of which an officer has been authorised by the 653 [Director-General or Director] or any other 649 [Chief Commissioner or Commissioner] or any such 654 [Joint Director] or 655 [Joint Commissioner] as may be empowered in this behalf by the Board to take action under clauses (i) to (iv) of subsection (1) are kept in any building, place, vessel, vehicle or aircraft not mentioned in the authorisation under sub-section (1) such 656 [Chief Commissioner or Commissioner] may, notwithstanding anything contained in 657 [section 8], authorise the said officer to take action under any of the clauses aforesaid in respect of such building, place, vessel, vehicle or aircraft.
(3) The authorised officer may requisition the services of any police officer or of any officer of the Central Government, or of both, to assist him for all or any of the purposes specified in sub-section (1) or sub-section (2) and it shall be the duty of every such officer to comply with such requisition.
(4) The authorised officer may, during the course of the search or seizure, examine on oath any person who is found to be in possession or control of any books of account or other documents, articles or things including money and any statement made by such person during such examination may thereafter be used in evidence in any proceeding under this Act. 659 [ Explanation .—For the removal of doubts, it is hereby declared that the examination of any person under this sub-section may be not merely in respect of any books of account, other documents or assets found as a result of the search, but also in respect of matters relevant for the purposes of any investigation connected with any proceedings under this Act.]
(5) Where any books of account or other documents, articles or things including money are found in the possession or control of any person in the course of a search, it may be presumed that—
(i) such books of account or other documents, articles or things including money belong to such person;
(ii) the contents of such books of account or other documents are true; and
(iii) the signature and every other part of such books of account or other documents which purport to be in the handwriting of any particular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person's handwriting, and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested.
(6) The books of account or other documents seized under sub-section (1) or sub-section (2) shall not be retained by the authorised officer for a period exceeding one hundred and eighty days from the date of the seizure unless the reasons for retaining the same are recorded by him in writing and the approval of the 661 [Chief Commissioner or Commissioner] for such retention in obtained: Provided that the 661 [Chief Commissioner or Commissioner] shall not authorise the retention of the books of account or other documents for a period exceeding thirty days after all the proceedings under this Act in respect of the years for which the books of account or other documents are relevant are completed.
(7) The person from whose custody any books of account or other documents are seized under sub-section (1) or sub-section (2) may make copies thereof, or take extracts therefrom, in the presence of the authorised officer or any other person empowered by him in this behalf at such place and time as the authorised officer may appoint in this behalf.
(8) Where the authorised officer has no jurisdiction over the person referred to in clause (a) or clause (b) or clause (c) of sub-section (1), the books of account or other documents seized under that sub-section shall be handed over by the authorised officer to the 664 [Assessing Officer] having jurisdiction over such person within a period of fifteen days of such seizure and thereupon the powers exercisable by the authorised officer under sub-section (6) or sub-section (7) shall be exercisable by such 664 [Assessing Officer].
(9) If a person legally entitled to the books of account or other documents seized under sub-section (1) or sub-section (2) objects for any reason to the approval given by the 665 [Chief Commissioner or Commissioner] under sub-section (6), he may make an application to the Board stating therein the reasons for such objection and requesting for the return of the book of account or other document.
667 [(10) On receipt of the application under sub-section (9), the Board, or on receipt of the application under sub-section (9A), the Chief Commissioner or Commissioner, may, after giving the applicant an opportunity of being heard, pass such orders as it or he thinks fit.]
(11) The provisions of the Code of Criminal Procedure, 1973 (2 of 1974), relating to searches shall apply, so far as may be, to searches under this section.
(12) The Board may make rules in relation to searches or seizure under this section; and in particular and without prejudice to the generality of the foregoing power, such rules may provide for the procedure to be followed by the authorised officer—
(i) for obtaining ingress into any building, place, vessel, vehicle or aircraft to be searched where free ingress thereto is not available;
(ii) for ensuring the safe custody of any books of account or other documents seized.]
668 [ Explanation 1 . —In computing the period referred to in sub-section (5A) for the purposes of that sub-section, any period during which any proceeding under this section is stayed by an order or injunction of any court shall be excluded. Explanation 2 . —In this section, the word “proceeding” means any proceeding in respect of any year under this Act which may be pending on the date on which a search is authorised under this section or which may have been completed on or before such date and includes also proceedings under this Act which may be commenced after such date in respect of any year.]
669 [ 37B Power to requisition books of account etc :-
(1) Where the 670 [Director-General or Director] or the 671 [Chief Commissioner or Commissioner], in consequence of information in his possession, has reason to believe that—
(a) any person to whom a notice under sub-section (4) of section 16 or a summons under section 37 was issued to produce, or cause to be produced, any books of account or other documents has omitted or failed to produce, or cause to be produced, such books of account or other documents as required by such notice or summons and the said books of account or other documents have been taken into custody by any officer or authority under any other law for the time being in force, or
(b) any books of account or other documents will be useful for, or relevant to, any proceeding under this Act and any person to whom a notice or summons as aforesaid has been or might be issued will not, or would not, produce or cause to be produced such books of account or other documents on the return of such books of account or other documents by any officer or authority by whom or which such books of account or other documents have been taken into custody under any other law for the time being in force, or
(c) 672 [any assets] disproportionate to the known assets of any person, particulars of which will be useful for, or relevant to, any proceeding under this Act, have been taken into custody by any officer or authority, under any other law for the time being in force, from the possession of such person,
then, the 673 [Director-General or Director] or the 674 [Chief Commissioner or Commissioner] may authorise any 675 [Joint Director], 676 [Joint Commissioner], 677 [Assistant Director or Deputy Director] 678 [, Assistant Commissioner or Income-tax Officer] (hereafter in this section referred to as the requisitioning officer) to require such officer or authority 679 [to deliver such books of account other documents, or assets to the requisitioning officer].
(2) On a requisition being made under sub-section (1) 680 [the officer or authority referred to in clause (a) or clause (b) or clause (c) as the case may be, of that sub-section shall deliver the books of account, other documents, or assets to the requisitioning officer either forthwith or when such officer or authority is of the opinion that it is no longer necessary to retain the same in his or its custody].
681 [(3) Where any books of account, other documents or assets have been delivered to the requisitioning officer, the provisions of sub-sections (5) to (12) (both inclusive) of section 37A and section 37C shall so far as may be, apply as if such books of account, other documents, or assets had been seized under sub-section (1) of section 37A by the requistioning officer from the custody of the person referred to in clause (a) clause (b) or clause (c) of sub-section (1) of this section and as if for the words “the authorised officer” occurring in sub-sections (5) to (12) aforesaid, the words “the requisitioning officer” were substituted.]]
38 Information, returns and statements :- 683 [Where, for the purposes of this Act], it appears necessary for 684 [any wealth-tax authority] to obtain any statement or information from any individual, company 685 [(including a banking company)], firm, Hindu undivided family or other person, 684 [such wealth-tax authority] may serve a notice requiring such individual, company, firm, Hindu undivided family or other person, on or before a date to be therein specified, to furnish such statement or information on the points specified in the notice, and the individual or the principal officer concerned or the manager of the Hindu undivided family, as the case may be, shall, notwithstanding anything in any law to the contrary, be bound to furnish such statement or information to 684 [such wealth-tax authority]: Provided that no legal practitioner shall be bound to furnish any statement or information under this section based on any professional communications made to him otherwise than as permitted by section 126 of the Indian Evidence Act, 1872 (1 of 1872).
686 [ 38A Powers of Valuation Officer, etc :-
(1) For the purposes of this Act, a Valuation Officer or any overseer, surveyor or assessor authorised by him in this behalf may, subject to any rules made in this behalf and at such reasonable times as may be prescribed;
(a) enter any land within the limits of the area assigned to the Valuation Officer, or
(b) enter any land, building or other place belonging to or occupied by any person in connection with whose assessment a reference has been made under section 16A to the Valuation Officer, or
(c) inspect any asset in respect of which a reference under section 16A has been made to the Valuation Officer,
and require any person in charge of, or in occupation or possession of, such land, building or other place or asset to afford him the necessary facility to survey or inspect such land, building or other place or asset or estimate its value or inspect any books of account, document or record which may be relevent for the valuation of such land, building or other place or asset and gather other particulars relating to such land, building or other place or asset: Provided that no Valuation Officer, overseer, surveyor or assessor shall enter any buliding or place referred to in clause (b) or inspect any asset referred to in clause (c) (unless with the consent of the person in charge of, or in occupation or possession of, such building, place or asset) without previously giving to such person at least two days' notice in writing of his intention to do so.
(2) If a person who, under sub-section (1), is required to afford any facility to the Valuation Officer or the overseer, surveyor or assessor, either refuses or evades to afford such facility, the Valuation Officer shall have all the powers under sub-sections (1) and (2) of section 37 for enforcing compliance of the requirements made.]
39 Effect of transfer of authorities on pending proceedings :- Whenever in respect of any proceeding under this Act any Wealth-tax authority ceases to exercise jurisdiction and is succeeded by another who has and exercises such jurisdiction, the authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessor: 687 [Provided that the assessee concerned may demand that before the proceeding is so continued the previous proceeding or any part thereof be reopened or that before any order of assessment is passed against him, he be reheard.]
40 Computation of periods of limitation :- In computing the period of limitation prescribed for an appeal under this Act or for an application under section 27; the day on which the order complained of was made and the time requisite for obtaining a copy of such order shall be excluded.
41 Service of notice :-
(1) A notice or a requisition under this Act may be served on the person therein named either by post or as if it were a summons issued by a court under the Code of Civil Procedure, 1908 (5 of 1908).
(2) Any such notice or requisition may, in the case of a firm or a Hindu undivided family, be addressed to any member of the firm or to the manager or any adult male member of the family, 688 [and in the case of a company or any other association of persons] be addressed to the principal officer thereof.
689 [(3) After a finding of total partition has been recorded by the 690 [Assessing Officer] under section 20 in respect of any Hindu family, notices under this Act in respect of the net wealth of the Hindu family shall be served on the person who was the last manager of the Hindu family, or, if such person is dead, then on all surviving adults who were members of the Hindu family immediately before the partition.]
692 [ 42 Notice deemed to be valid in certain circumstances :- Where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time in accordance with the provisions of this Act and such assessee shall be precluded from taking any objection in any proceeding or inquiry under this Act that the notice was— Provided that nothing contained in this section shall apply where the assessee has raised such objection before the completion of such assessment or reassessment.]
693 [ 42A Publication of information respecting assessees :-
(1) lf the Central Government is of opinion that it is necessary or expedient in the public interest to publish the name of any assessees and any other particulars relating to any proceedings 694 [or prosecutions] under this Act in respect of such assessees, it may cause to be published such names and particulars in such manner as it thinks fit.
695 [(2) No publication under this section shall be made in relation to any penalty imposed under this Act until the time for presenting an appeal to the 696 [Deputy Commissioner (Appeals)] 697 [or, as the case may be, the Commissioner (Appeals)] has expired without an appeal having been presented or the appeal, if presented has been disposed of.]] 698 [ Explanation.— In the case of a company, the names of the directors, secretaries and treasurers, or managers, of the company may also be published if in the opinion of the Central Goverrment, circumstances of the case justify it.]
699 [ 42B Disclosure of information respecting assessees :- Where a person makes an application to the 700 [Chief Commissioner or Commissioner] in the prescribed form for any information relating to any assessee in respect of any assessment made under this Act, the 3 [Chief Commissioner or Commissioner] may, if he is satisfied that it is in the public interest so to do, furnish or cause to be furnished the information asked for in respect of that assessment only and his decision in this behalf shall be final and shall not be called in question in any court of law.]
701 [ 42C Return of wealth, etc. not to be invalid on certain grounds :- No return of wealth, assessment, notice, summons or other proceeding furnished or made or issued or taken or purported to have been furnished or made or issued or taken in pursuance of any of the provisions of this Act shall be invalid or shall be deemed to be invalid merely by reason of any mistake, defect or omission in such return of wealth, assessment, notice, summons or other proceeding if such return of wealth, assessment, notice, summons or other proceeding is in substance and effect in conformity with or according to the intent and purpose of this Act.]
43 Bar of jurisdiction :- No suit shall lie in any civil court to set aside or modify 705 [any proceeding taken or order made] under this Act, and no prosecution, suit or other legal proceeding shall lie against 706 [the Government or] any officer of the Government for anything in good faith done or intended to be done under this Act.
707 [ 44 Appearance before wealth-tax authorities by authorised representatives :-
(1) Any assessee who is entitled to or required to attend before any Wealth-tax authority or the Appellate Tribunal in connection with any proceeding under this Act, except where he is required under this Act to attend in person, may attend by a person who would be entitled to represent him before any income-tax authority or the Appellate Tribunal under section 288 of the Income-tax Act.
(2) Notwithstanding anything in sub-section (1)—
(i) no person who has been convicted of an offence connected with any wealth-tax proceeding or on whom a penalty has been imposed under this Act other than a penalty imposed on him under clause (i) or clause (ii) of sub-section (1) of section 18 shall be qualified to represent an assessee under sub-section (1) for such time as the 708 [Chief Commissioner or Commissioner] may by order determine;
(ii) if any person who is not a legal practitioner or a chartered accountant, is found guilty of misconduct in connection with any wealth-tax proceeding by the prescribed authority, the prescribed authority may direct that he shall henceforth be disqualified to represent an assessee under sub-section (1);
(iii) no person not qualified to represent an assessee under the Indian Income-tax Act, 1922 (11 of 1922), the Estate Duty Act, 1953 (34 of 1953), the Expenditure-tax Act, 1957 (29 of 1957), or the Gift-tax Act, 1958 (18 of 1958), shall be entitled to appear on behalf of any assessee under this Act:
Provided that any order or direction under clause (i) or clause (ii) shall be subject to the following conditions, namely:—
709 [ 44A Agreement for avoidance or relief of double taxation with respect to wealth-tax. — 710 [The Central Government may enter into an agreement with the Government of any reciprocating country— and may, by notification in the Official Gazette, make such provision as may be necessary for implementing the agreement.] Explanation .—The expression “reciprocating country” for the purposes of this Act means any country which the Central Government may, by notification in the Official Gazette, declare to be a reciprocating country.]
711 [ 44B Countries with which no agreement exists :- Where the net wealth of any assessee includes any foreign wealth and he proves that, in respect of such foreign wealth, he has paid in any country, with which there is no reciprocal arrangement under section 44A for the relief or avoidance of double taxation, a tax in respect of wealth, under the law in force in that country, he shall be entitled to the deduction from the Indian wealth-tax payable by him of a sum calculated on such doubly taxed foreign wealth at the Indian rate of tax or the rate of tax of the said country, whichever is the lower, or at the Indian rate of tax if both the rates are equal. Explanation :- In this section—
(1) the expression “Indian wealth-tax” means wealth-tax charged in accordance with the provisions of this Act;
(2) the expression “Indian rate of tax” means the rate determined by dividing the amount of Indian wealth-tax after deduction of any relief due under the provisions of this Act but before the deduction of any relief due under this section by the net wealth;
(3) the expression “rate of tax of the said country” means any tax in respect of wealth, actually paid in the said country, in accordance with the corresponding laws in force in the said country after deduction of all relief due, but before deduction of any relief due in the said country in respect of double taxation, divided by the whole amount of the wealth assessed in the said country;
(4) the expression “foreign wealth” in relation to any assessee means the value of all his assets located in any country outside India as reduced by the value of his debts in that country.]
712 [ 44C Rounding off of net wealth :- The amount of net wealth computed in accordance with the foregoing provisions of this Act shall be rounded off to the nearest multiple of one hundred rupees and, for this purpose, any part of a rupee consisting of paise shall be ignored and thereafter, if such amount contains a part of one hundred rupees, then, if such part is fifty rupees or more, the amount shall be increased to the next higher amount which is a multiple of one hundred and, if such part is less than fifty rupees, the amount shall be reduced to the next lower amount which is a multiple of one hundred; and the amount so rounded off shall be deemed to be the net wealth of the assessee for the purposes of this Act.]
713 [ 44D Rounding off of tax, etc :- The amount of wealth-tax, interest, penalty, fine or any other sum payable, and the amount of refund due, under the provisions of this Act, shall be rounded off to the nearest rupee and, for this purpose, where such amount contains a part of a rupee consisting of paise, then, if such part is fifty paise or more, it shall be increased to one rupee, and if such part is less than fifty paise, it shall be ignored.]
45 Act not to apply in certain cases :- 714 [No tax shall be levied under this Act in respect of the net wealth of—] 715 [***]
(f) any company registered under section 25 of the Companies Act 1956 (1 of 1956);
Explanation :- For the purposes of clause
46 Power to make rules :-
(1) The Board may, by notification in the Official Gazette, make rules for carrying out the purposes of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, rules made under this section may provide for—
(a) the manner in which the market value of any asset may be determined;
(b) the form in which returns under this Act shall be made and the manner in which they shall be verified;
(c) the form in which appeals and applications under this Act may be made, and the manner in which they shall be verified;
(d) the form of any notice of demand under this Act;
724 [(dd) the procedure to be followed in calculating interest payable by assessees or interest payable by the Government to assessees under any provision of this Act, including the rounding off of the period for which such interest is to be calculated in cases where such period includes a fraction of a month, and specifying the circumstances in which and the extent to which petty amounts of interest payable by assessees may be ignored;]
725 [(e) the areas within which Valuation Officers may exercise jurisdiction;
(f) any other matter which has to be, or may be, prescribed for the purposes of this Act.
726 [(3) The power to make rules conferred by this section shall include the power to give retrospective effect, from a date not earlier than the date of commencement of this Act, to the rules or any of them and, unless the contrary is permitted (whether expressly or by necessary implication), no retrospective effect shall be given to any rule so as to prejudicially affect the interests of assessees.]
727 [(4) The Central Government shall cause every rule made under this Act 728 [and the rules of procedure framed by the Settlement Commission under sub-section (7) of section 22F] to be laid as soon as may be after it is made before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session 729 [or in two or more successive sessions], and if before the expiry of the session 730 [immediately following the session or the successive sessions aforesaid] both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be, so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
THE WEALTH - TAX ACT, 1957 SCHEDULE II 1[* * *] ---------------- 1. Schedule II omitted by Act 18 of 1992, sec. 101 (w.e.f. 1-4-1993). Earlier Schedule II was inserted by Act 66 of 1976, sec. 27(6)(b) (w.e.f. 1-4-1977).
1. Clause (a) omitted by Act 4 of 1988, sec. 128(i) as amended by Act 26 of 1988, sec. 88(e)(i) (w.e.f. 1-4-1988).
2. Subs. by Act 46 of 1964, sec. 2(a), for clauses (b), (c) and (d) (w.e.f. 1-4-1965).
3. Subs. by Act 21 of 1998, sec. 67(a), for clause (ca) (w.e.f. 1-10-1998). Earlier clause (ca) was inserted by Act 4 of 1988, sec. 128(ii) as amended by Act 26 of 1988, sec. 88(e)(ii) (w.e.f. 1-4-1988).
4. Ins. by Finance Act, 2007, sec. 83(a)(i) (w.r.e.f. 1-6-1994).
5. Ins. by Finance Act, 2007, sec. 83(a)(ii) (w.r.e.f. 1-10-1996).
6. Clause (ca) re-lettered as clause (cb) by Act 4 of 1988, sec. 128(ii) as amended by Act 26 of 1988, sec. 88(e)(i) (w.e.f. 1-4-1988). Earlier clause (ca) was inserted by Act 46 of 1964, 2 (w.e.f.
7. Subs. by Act 46 of 1964, sec. 2(a), for clauses (b), (c) and (d) (w.e.f. 1-4-1965).
8. Subs. by Act 14 of 1969, sec. 24(a), for clause (e) (w.r.e.f. 1-4-1969). Earlier clause (e) was amended by Act 46 of 1964, sec. 2(b) (w.e.f. 1-4-1965).
9. Ins. by Act 18 of 1992, sec. 89(a) (w.e.f. 1-4-1993).
10. Subs. by Act 20 of 1974, sec. 14(1)(a), for “any annuity” (w.e.f. 1-4-1975).
11. Subs. by Act 44 of 1980, sec. 36, for the proviso (w.e.f. 1-4-1981). Earlier the proviso was added by Act 19 of 1970, sec. 26(a) (w.r.e.f. 1-4-1969) and was amended by Act 20 of 1974, sec. 14(1)(b) (w.r.e.f. 1-4-1974).
12. Subs. by Act 14 of 1982, sec. 33(a), for “or any subsequent assessment year” (w.e.f. 1-4-1983).
13. Ins. by Act 14 of 1982, sec. 33(b) (w.e.f. 1-4-1983).
14. Subs. by Act 14 of 1982, sec. 33(b), for “Provided further that” (w.e.f. 1-4-1983).
15. Subs. by Act 20 of 1974, sec. 14(1)(b), for “items (i) to (iii)” (w.e.f. 1-4-1975).
16. Subs. by Act 20 of 1974, sec. 14(1)(b), for “items (i) to (v)” (w.e.f. 1-4-1975).
17. Ins. by Act 18 of 1922, sec. 89(b) (w.e.f. 1-4-1993).
18. Subs. by Act 21 of 1998, sec. 67 (b) (i), for sub-clause (i) (w.e.f. 1-4-1999). Earlier sub-clause (i) was substituted by Act 33 of 1996, sec. 56 (w.e.f. 1-4-1997).
19. Explanation re-numbered as Explanation 1 by Act 27 of 1999, sec. 91 (w.e.f. 1-4-2000).
20. See Notification No. S.O. 871(E), dated 9th November, 1993.
21. Subs. by Act 21 of 1998, sec. 67(b)(ii), for certain words (w.e.f. 1-4-1999). Earlier those words were inserted by Act 38 of 1993, sec. 38 (w.e.f. 1-4-1994) and were amended by Act 32 of 1994, sec. 51(i) (w.e.f. 1-4-1995).
22. Ins. by Act 27 of 1999, sec. 91 (w.e.f. 1-4-2000).
23. Subs. by Act 54 of 1963, sec. 5(1), for “Central Board of Revenue constituted under the Central Board of Revenue Act, 1924 (4 of 1924)” (w.e.f. 1-4-1964).
24. Clause (g) omitted by Act 4 of 1988, sec. 128(iii) as amended by Act 26 of 1988, sec. 88(e)(iii) (w.e.f. 1-4-1988).
25. Clause (gg) omitted by Act 4 of 1988, sec. 128(iii) as amended by Act 26 of 1988, sec. 88(e)(iii) (w.e.f. 1-4-1988). Earlier clause (gg) was inserted by Act 29 of 1977, sec. 39, Sch. V, Pt. II,
26. Subs. by Act 4 of 1988, sec. 128(iv), for clause (h) (w.e.f. 1-4-1989). Earlier clause (h) was substituted by Act 11 of 1958, sec. 14(a) (w.e.f. 28-4-1958) and was amended by Act 20 of 1967, sec. 34(a) (w.e.f. 1-4-1967) and was substituted by Act 25 of 1975, sec. 25 (w.r.e.f. 1-4-1975).
27. Ins. by Act 16 of 1972, sec. 44(a) (w.e.f. 1-4-1957).
28. Clause (hb) omitted by Act 4 of 1988, sec. 128 (iii) as amended by Act 26 of 1988, sec. 88(e)(iii) (w.e.f. 1-4-1988). Earlier clause (ha) was re-lettered as clause (hb) by Act 16 of 1972, sec. 44(b) (w.e.f. 1-4-1965).
29. Ins. by Act 3 of 1963, sec. 3 and Sch. (w.e.f. 1-4-1963).
30. Subs. by Act 46 of 1964, sec. 2(d), for clause (j) (w.e.f. 1-4-1965).
31. Clause (k) omitted by Act 4 of 1988, sec. 128(iii) as amended by Act 26 of 1988, sec. 88(e)(iii) (w.e.f. 1-4-1988).
32. Subs. by Finance Act, 2007, sec. 83(b), for clause (ka) (w.r.e.f. 25-8-1976). Earlier clause (ka) was inserted by Act 3 of 1963, sec. 3 and Sch. (w.e.f. 1-4-1963). Clause (ka), before substitution by Finance Act, 2007, stood as under:
33. Clauses (l) and (la) omitted by Act 4 of 1988, sec. 128(iii) as amended by Act 26 of 1988,
34. Ins. by Act 46 of 1964, sec. 2(e) (w.e.f. 1-4-1965).
35. Ins. by Act 4 of 1988, sec. 128(v) (w.e.f. 1-4-1989).
36. Ins. by Act 49 of 2005, sec. 30 and Sch.—Part II-1.
37. Subs. by Act 18 of 1992, sec. 89(c), for certain words (w.e.f. 1-4-1993). Earlier clause (m) was amended by Act 12 of 1959, sec. 20 (w.e.f. 28-12-1959), by Act 46 of 1964, sec. 2(f) (w.e.f.
38. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
39. Ins. by Act 46 of 1964, sec. 2(g) (w.e.f. 1-4-1965).
40. Ins. by Act 45 of 1972, sec. 7(a) (w.e.f. 15-11-1972).
41. Subs. by Act 12 of 1990, sec. 51, for “section 16” (w.r.e.f. 1-4-1989).
42. Subs. by Act 46 of 1964, sec. 2(h)(i), for “clause (11) of section 2” (w.e.f. 1-4-1965).
43. Subs. by Act 46 of 1964, sec. 2(h)(ii), for the proviso (w.e.f. 1-4-1965).
44. Clause (i) omitted by Act 4 of 1988, sec. 128(vi) (w.e.f. 1-4-1989).
45. Subs. by Act 45 of 1972, sec. 7(b), for clause (r) (w.e.f. 15-11-1972).
46. Subs. by Act 21 of 1998, sec. 67(c), for clause (s) (w.e.f. 1-10-1998). Earlier clause (s) was amended by Act 46 of 1964, sec. 2(h)(iii) (w.e.f. 1-4-1965) and was substituted by Act 4 of 1988, sec. 128(vii) as amended by Act 26 of 1988, sec. 8(e)(iv) (w.e.f. 1-4-1988) and was amended by Act 32 of 1994, sec. 51(ii) (w.e.f. 1-4-1995).
47. Section 3 renumbered as sub-section (1) thereof by Act 18 of 1992, sec. 90 (w.e.f. 1-4-1993).
48. Subs. by Act 4 of 1988, sec. 129, for “Subject to the other provisions contained in this Act” (w.e.f. 1-4-1989).
49. Subs. by Act 46 of 1964, sec. 3, for “Financial year” (w.e.f. 1-4-1965).
50. Ins. by Act 18 of 1992, sec. 90(a) (w.e.f. 1-4-1993).
51. Subs. by Act 66 of 1976, sec. 27(1), for “at the rate or rates specified in the schedule” (w.e.f. 1-4-1977).
52. Ins. by Act 18 of 1992, sec. 90(b) (w.e.f. 1-4-1993).
53. Subs. by Act 3 of 1989, sec. 59(a)(i), for certain words (w.e.f. 1-4-1989). Earlier sub-section (1) was amended by Act 46 of 1964, sec. 4(a) (w.e.f. 1-4-1965) and by Act 32 of 1971, sec. 31(a) (w.e.f. 1-4-1972).
54. Subs. by Act 46 of 1964, sec. 4(a)(ii)(A), for sub-clauses (i), (ii) and (iii) (w.e.f. 1-4-1965).
55. Ins. by Act 32 of 1994, sec. 52 (w.e.f. 1-4-1995).
56. Certain words omitted by Act 18 of 1992, sec. 91(a)(i)(1) (w.e.f. 1-4-1993).
57. Ins. by Act 41 of 1975, sec. 82(i)(a) (w.e.f. 1-4-1976).
58. The words “or minor child (not being a married daughter) or both” omitted by Act 18 of 1992, sec. 91(a)(i)(2) (w.e.f. 1-4-1993).
59. Ins. by Act 41 of 1975, sec. 82(i)(b) (w.e.f. 1-4-1976).
60. The words “or the son's minor child” omitted by Act 18 of 1992, sec. 91(a)(i)(3) (w.e.f. 1-4-1993).
61. Ins. by Act 67 of 1984, sec. 53(a) (w.e.f. 1-4-1985).
62. Ins. by Act 67 of 1984, sec. 53(b) (w.e.f. 1-4-1985).
63. The words "or the son's minor child" omitted by Act 18 of 1992, sec. 9(a)(i)(4) (w.e.f. 1-4-1993).
64. Ins. by Act 46 of 1964, sec. 4(a)(ii)(B) (w.e.f. 1-4-1965).
65. Subs. by Act 32 of 1971, sec. 31(a)(i), for “after the 31st day of March, 1964” (w.e.f. 1-4-1972).
66. Ins. by Act 18 of 1992, sec. 91(a)(i)(5) (w.e.f. 1-4-1993).
67. Subs. by Act 3 of 1989, sec. 59(a)(ii), for clause (b) (w.e.f. 1-4-1989).
68. Subs. by Act 18 of 1992, sec. 91(a)(ii)(1), for “interest in the firm” (w.e.f. 1-4-1993).
69. Subs. by Act 18 of 1992, sec. 91(a)(ii)(2), for the proviso (w.e.f. 1-4-1993).
70. Ins. by Act 32 of 1971, sec. 31(b) (w.e.f. 1-4-1972).
71. Subs. by Act 21 of 1979, sec. 23(a), for “into the common stock of the family (such property being hereinafter referred to as the converted property)” (w.e.f. 1-4-1980).
72. Certain words omitted by Act 41 of 1975, sec. 82(ii)(a) (w.e.f. 1-4-1976).
73. Subs. by Act 41 of 1975, sec. 82(ii)(b), for clause (c) (w.e.f. 1-4-1976).
74. The words “or minor child” omitted by Act 18 of 1992, sec. 91(b) (w.e.f. 1-4-1993).
75. Sub-section (2) omitted by Act 3 of 1989, sec. 59(b) (w.e.f. 1-4-1989).
76. Sub-section (3) omitted by Act 18 of 1992, sec. 91(c) (w.e.f. 1-4-1993). Earlier sub-section (3) was substituted by Act 25 of 1975, sec. 26 (w.r.e.f. 1-4-1975) and was amended by Act 21 of 1978, sec. 23(b) (w.e.f. 1-4-1980).
77. Ins. by the Taxation Laws (Extension to Union Territories ) Regulation, 1963, sec. 3 and Sch. (w.e.f. 1-4-1963).
78. Ins. by Act 41 of 1975, sec. 82(iii) (w.e.f. 1-4-1976).
79. Subs. by Act 4 of 1988, sec. 127 for “Wealth-tax Officer” (w.e.f. 1-4-1988).
80. Subs. by Act 46 of 1964, sec. 4(b), for Explanation (w.e.f. 1-4-1965).
81. Subs. by Act 33 of 1996, sec. 57, for sub-section (7) (w.e.f. 1-4-1997). Earlier sub-section (7) was inserted by Act 32 of 1971, sec. 31(c) (w.e.f. 1-4-1972).
82. Sub-sections (7) and (8) subs. by Act 33 of 1996, sec. 57, for sub-section (7) (w.e.f. 1-4-1997).
83. Subs. by Act 46 of 1964, sec. 4(b), for Explanation (w.e.f. 1-4-1965).
84. The word “and” omitted by Act 32 of 1971, sec. 31(d)(i) (w.e.f. 1-4-1972).
85. Ins. by Act 41 of 1975, sec. 82(iv)(a) (w.e.f. 1-4-1976).
86. Ins. by Act 41 of 1975, sec. 82(iv)(b) (w.e.f. 1-4-1976).
87. Ins. by Act 32 of 1971, sec. 31(d)(ii) (w.e.f. 1-4-1972).
88. The word “and” omitted by Act 41 of 1975, sec. 82(iv)(c) (w.e.f. 1-4-1976).
89. Clause (d) omitted by Act 41 of 1975, sec. 82(iv)(d) (w.e.f. 1-4-1976). Earlier clause (d) was inserted by Act 32 of 1971, sec. 31(d)(ii) (w.e.f. 1-4-1972).
90. The words “Subject to the provisions of sub-section (1A), wealth-tax shall not be payable by an assessee in respect of the following assets” subs. by Act 19 of 1970, sec. 26(b)(i)(1), for “Wealth-tax shall not be payable by an assessee in respect of the following assets” (w.e.f.
91. The words “(1) Subject to the provisions of sub-section (1A)” omitted by Act 18 of 1992,
92. Added by Act 32 of 1985, sec. 37(a)(i) (w.e.f. 1-4-1986). The said proviso was substituted by Act 4 of 1988, sec. 160(1) (w.e.f. 1-4-1989) and the proviso so substituted by Act 4 of 1988 was omitted by Act 3 of 1989, sec. 95(r) (w.e.f. 1-4-1989).
93. The words “clause (22) or clause (22A) or” omitted by Act 21 of 1998, sec. 68(a) (w.e.f.
94. Subs. by Act 54 of 1972, sec. 5(a), for certain words (w.e.f. 9-9-1972).
95. Clauses (iv) to (xiii) omitted by Act 18 of 1992, sec. 92(a)(ii) (w.e.f. 1-4-1993). Earlier these clauses were amended by Act 14 of 1969, sec. 24(b) (w.r.e.f. 1-4-1969), by Act 19 of 1970, sec. 26(b)(i)(2) and (3) (w.r.e.f. 1-4-1971), by Act 42 of 1970, sec. 59 (w.r.e.f. 1-4-1965), by Act 32 of 1971, sec. 32(a)(i), (ii) and (iii) (w.e.f. 1-4-1972), by Act 20 of 1974, sec. 14(2)(a)(i), (ii) and (iii) (w.r.e.f. 1-4-1974), by Act 25 of 1975, sec. 27(a)(i) and (ii) (w.r.e.f. 1-4-1975), by Act 41 of 1975, sec. 83 (w.e.f. 1-4-1976), by Act 66 of 1976, sec. 27(2)(a) and (b) (w.e.f. 1-4-1977) and (w.e.f. 1-4-1975), by Act 24 of 1982, sec. 34(a)(i) and (ii) (w.e.f. 1-4-1983), by Act 11 of 1983, sec. 41(a) (w.e.f. 1-4-1984) and by Act 21 of 1984, sec. 34(a)(i)(1) (w.e.f. 1-4-1985).
96. Clause (xiv) re-numbered as clause (iv) by Act 18 of 1992, sec. 92(a)(ii) (w.e.f. 1-4-1993).
97. Ins. by Act 54 of 1972, sec. 5(b) (w.e.f. 9-9-1972).
98. Clauses (xv) to (xxxii) omitted by Act 18 of 1992, sec. 92(a)(ii) (w.e.f. 1-4-1993). Earlier these clauses were amended by Act 11 of 1958, sec. 14(b) (w.e.f. 28-4-1958), by Act 13 of 1960, sec. 14 (w.r.e.f. 1-4-1960), by Act 20 of 1962, sec. 12(1) (w.r.e.f. 1-4-1962), by Act 54 of 1962, sec. 5(1) (w.e.f. 13-12-1962), by Act 13 of 1963, sec. 21 (w.r.e.f. 1-4-1963), by Act 46 of 1964, sec. 5 (w.e.f. 1-4-1965), by Act 10 of 1965, sec. 70(1) (w.e.f. 11-5-1965), by Act 15 of 1965, sec. 20 (w.e.f. 11-9-1965), by Act 19 of 1968, sec. 32 (w.r.e.f. 1-4-1968), by Act 19 of 1970, sec. 26(b)(i)(4) and (5) (w.r.e.f. 1-4-1971), by Act 32 of 1971, sec. 32(a)(iv) (w.e.f. 1-4-1972), by Act 16 of 1972, sec. 45(a) (w.r.e.f. 1-4-1972) and 1-4-1973, by Act 25 of 1975, sec. 27(a)(iii), (iv) and (v) (w.r.e.f. 1-4-1973), by Act 66 of 1976, sec. 27(2)(c) and (d) (w.e.f. 1-4-1977), by Act 14 of 1982, sec. 34(a)(v) (w.e.f. 1-4-1983), by Act 11 of 1983, sec. 41(b) (w.e.f. 1-4-1984), by Act 21 of 1984, sec. 34(a)(i)(2) and (3) (w.e.f. 1-4-1984), by Act 37 of 1984, sec. 54(a)(i) (w.e.f. 1-9-1985), by Act 23 of 1986, sec. 40(a)(i) (w.r.e.f. 1-4-1986), by Act 11 of 1987, sec. 76 (w.e.f. 1-4-1986), by Act 4 of 1988, sec. 130(i) (w.e.f. 1-4-1988), by Act 26 of 1988, sec. 55(a) (w.r.e.f. 1-4-1988), by Act 3 of 1989, sec. 60(a) (w.e.f. 1-4-1989), by Act 13 of 1989, sec. 27(a) (w.r.e.f. 1-4-1989), by Act 12 of 1990, sec. 52 (w.e.f. 1-4-1991) and by Act 49 of 1991, sec. 73(a) (w.r.e.f. 1-4-1984) and sec. 73(b) (w.e.f. 1-10-1991).
99. Clause (xxxiii) re-numbered as clause (v) by Act 18 of 1992, sec. 92(a)(ii) (w.e.f. 1-4-1993). Earlier clauses (xxxiii) and (xxxiv) were inserted by Act 66 of 1976, sec. 27(3)(a) (w.e.f.
100. Ins. by Act 67 of 1984, sec. 54(a)(ii) (w.r.e.f. 1-4-1977).
101. Ins. by Act 23 of 1986, sec. 40(a)(ii)(A) (w.e.f. 1-4-1987).
102. Explanation re-numbered as Explanation 1 by Act 23 of 1986, sec. 40(a)(ii)(B) (w.r.e.f. 1-4-1977).
103. Ins. by Act 23 of 1986, sec. 40(a)(ii)(B) (w.r.e.f. 1-4-1977).
104. Clause (xxxiv) omitted by Act 18 of 1992, sec. 92(a)(ii) (w.e.f. 1-4-1993).
105. Subs. by Act 21 of 1998, sec. 68(b), for clause (vi) (w.e.f. 1-4-1999). Earlier clause (vi) was inserted by Act 38 of 1993, sec. 39 (w.e.f. 1-4-1994).
106. Sub-sections (1A) to (4) omitted by Act 18 of 1992, sec. 92(b) (w.e.f. 1-4-1993). Earlier sub-section (3) was amended by Act 13 of 1963, sec. 21(2) (w.r.e.f. 1-4-1963), sub-section (1A) was inserted by Act 19 of 1970, sec. 26(b)(ii) and sub-section (3) was amended by sec. 26(b)(iii) (w.e.f. 1-4-1971) and was amended by Act 32 of 1971, sec. 32(b) (w.r.e.f. 1-4-1972), by Act 16 of 1972, sec. 45(b) (w.e.f. 1-4-1973), sub-section (3) was amended by Act 16 of 1972, sec. 45(c) (w.e.f. 1-4-1973), by Act 20 of 1974, sec. 14(2)(b) (w.r.e.f. 1-4-1974), by Act 25 of 1975, sec. 27(b) and (c) (w.r.e.f. 1-4-1975), by Act 14 of 1982, sec. 34(b) and (c) (w.e.f. 1-4-1983), by Act 21 of 1984, sec. 34(a)(ii) and (iii) (w.e.f. 1-4-1985), by Act 67 of 1984, sec. 54(b) and (c) (w.e.f. 1-4-1985), by Act 32 of 1985, sec. 37(b) and (c) (w.e.f. 1-4-1986), by Act 23 of 1986, sec. 40(b) (w.r.e.f. 1-4-1986), by Act 4 of 1988, sec. 130(ii) (w.e.f. 1-4-1988), by Act 26 of 1988, sec. 55(b) and (c) (w.r.e.f. 1-4-1988), by Act 3 of 1989, sec. 60(b) and (c) (w.e.f. 1-4-1989) and by Act 13 of 1989, sec. 27(b) (w.e.f. 1-4-1990).
107. Subs. by Act 11 of 1958, sec. 14(c), for “In computing the net wealth of an individual”
108. Subs. by Act 46 of 1964, sec. 6, for “sub-section (3) of section 4” (w.e.f. 1-4-1965).
109. Ins. by Act 14 of 1982, sec. 35 (w.r.e.f. 1-4-1982).
110. Subs. by Act 3 of 1989, sec. 61, for "clause (4A)" (w.e.f. 1-4-1989).
111. Subs. by Act 3 of 1989, sec. 62, for section 7 (w.e.f. 1-4-1989). Earlier section 7 was amended by Act 46 of 1964, sec. 7 (w.e.f. 1-4-1965), by Act 45 of 1972, sec. 8 (w.e.f. 1-1-1973) and by Act 66 of 1976, sec. 27(3) (w.r.e.f. 1-4-1976).
112. Proviso omitted by Act 18 of 1992, sec. 93 (w.e.f. 1-4-1993).
113. Subs. by Act 4 of 1988, sec. 131, for section 8 (w.e.f. 1-4-1988). Earlier section 8 was amended by Act 20 of 1967, sec. 34(b) (w.r.e.f. 1-4-1967) and by Act 41 of 1975, sec. 84 (w.e.f. 1-4-1976).
114. Sections 8A was earlier inserted by Act 46 of 1964, sec. 9 (w.e.f. 1-4-1965), and was amended by Act 20 of 1967, sec. 34(c) (w.r.e.f. 1-4-1967) and was substituted by Act 67 of 1984, sec. 55 (w.e.f. 1-10-1984).
115. Section 8AA was earlier inserted by Act 41 of 1975, sec. 85 (w.e.f. 1-10-1975)
116. Section 8B was earlier inserted by Act 20 of 1967, sec. 34 (c) (w.r.e.f. 1-4-1967).
117. Subs. by Act 4 of 1988, sec. 131, for sections 9 and 10 (w.e.f. 1-4-1988).
118. Section 9A was earlier inserted by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
119. Subs. by Act 4 of 1988, sec. 131, for sections 9 and 10 (w.e.f. 1-4-1988).
120. Subs. by Act 12 of 1990, sec. 53, for “16, 17” (w.r.e.f. 1-4-1990).
121. Section 10A was earlier inserted by Act 46 of 1964, sec. 10 (w.e.f. 1-4-1965).
122. Subs. by Act 4 of 1988, sec. 131, for section 11 (w.e.f. 1-4-1988).
123. Subs. by Act 3 of 1989, sec. 63, for “(5)” (w.r.e.f. 1-4-1988).
124. Sections 11A and 12 were earlier substituted by Act 46 of 1964, sec. 11, for section 12 (w.e.f. 1-4-1965) and section 11A was substituted by Act 20 of 1967, sec. 35(f) (w.e.f. 1-4-1967).
125. Section 11AA was earlier inserted by Act of 1970 sec. 26 (c) (w.r.e.f. 1-4-1970)
126. Section 11B was earlier inserted by Act 20 of 1967, sec. 34(g) (w.e.f. 1-4-1967) and was amended by Act 41 of 1975, sec. 87 (w.e.f. 1-10-1975).
127. Sections 11A and 12 were earlier substituted by Act 46 of 1964, sec. 11, for section 12 (w.e.f. 1-4-1965) and section 11A was substituted by Act 20 of 1967, sec. 35(f) (w.e.f. 1-4-1967).
128. Ins. by Act 45 of 1972, sec. 9 (w.e.f. 15-11-1972).
129. Earlier section 13 was amended by Act 46 of 1964, sec. 12 (w.e.f. 1-4-1965).
130. Ins. by Act 46 of 1964, sec. 13 (w.e.f. 1-4-1965).
131. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
132. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
133. Subs. by Act 4 of 1988, sec. 127, for “Inspecting Assistant Commissioner” (w.e.f. 1-4-1988).
134. Subs. by Act 4 of 1988, sec. 127, for “Commissioner of Wealth-tax” (w.e.f. 1-4-1988).
135. Subs. by Act 4 of 1988, sec. 127, for “Inspecting Assistant Commissioner of Wealth-tax” (w.e.f.
136. Subs. by Act 4 of 1988, sec. 127, for “a Wealth-tax Officer” (w.e.f. 1-4-1988).
137. Subs. by Act 4 of 1988, sec. 133(a), for sub-sections (1) and (2) (w.e.f. 1-4-1989). Earlier sub-section (2) was amended by Act 58 of 1960, sec. 3 and Second Schedule (w.e.f. 26-12-1960), by Act 46 of 1964, sec. 14(b) (w.e.f. 1-4-1965) and sub-section (1) was substituted by Act 46 of 1964, sec. 14(a) (w.e.f. 1-4-1965).
138. Sub-section (3) omitted by Act 4 of 1988, sec. 133(b) (w.e.f. 1-4-1989).
139. Subs. by Act 4 of 1988, sec. 134, for section 15 (w.e.f. 1-4-1989).
140. Ins. by Act 46 of 1964, sec. 15 (w.e.f. 1-4-1965).
141. Subs. by Act 4 of 1988, sec. 135(i), for clause (a) (w.e.f. 1-4-1989).
142. Subs. by Act 41 of 1975, sec. 88, for clause (c) (w.e.f. 1-4-1976).
143. Ins. by Act 4 of 1988, sec. 135(ii) (w.e.f. 1-4-1989).
144. Subs. by Act 4 of 1988, sec. 136, for section 15B (w.e.f. 1-4-1989). Earlier section 15B was inserted by Act 46 of 1964, sec. 15 (w.e.f. 1-4-1965) and was amended by Act 42 of 1970, sec. 69 (w.e.f. 1-4-1971) and by Act 41 of 1975, sec. 89 (w.e.f. 1-4-1976).
145. Ins. by Act 36 of 1989, sec. 27 (w.r.e.f. 1-4-1989).
146. Section 15C was earlier inserted by Act 46 of 1964, sec. 15 (w.e.f. 1-4-1965).
147. Subs. by Act 4 of 1988, sec. 138, for section 16 (w.e.f. 1-4-1989). Earlier section 16 was amended by Act 46 of 1964, sec. 16 (w.e.f. 1-4-1965).
148. Subs. by Act 27 of 1999, sec. 92(a), for sub-section (1) (w.r.e.f. 1-6-1999). Earlier sub-section (1) was amended by Act 3 of 1989, sec. 64(a) (w.e.f. 1-4-1989) and by Act 36 of 1989, sec. 28(a) and (b) (w.r.e.f. 1-4-1989).
149. Sub-section (1A) omitted by Act 27 of 1999, sec. 92(b) (w.e.f. 1-6-1999). Earlier sub-section (1A) was inserted by Act 3 of 1989, sec. 64(b) (w.e.f. 1-4-1989).
150. Sub-section (1B) omitted by Act 27 of 1999, sec. 92(c) (w.e.f. 1-6-1999). Earlier sub-section (1B) was inserted by Act 12 of 1990, sec. 54(a) (w.r.e.f. 1-4-1989)
151. Subs. by Act 36 of 1989, sec. 28(c)(i) for “In a case referred to in sub-section (1), if the Assessing Officer” (w.r.e.f. 1-4-1989).
152. Subs. by Act 36 of 1989, sec. 28(c) (ii), for “he shall serve on the assessee” (w.r.e.f. 1-4-1989).
153. Subs. by Act 49 of 1991, sec. 74(a), for the proviso (w.e.f. 1-10-1991).
154. Subs. by Act 12 of 1990, sec. 54(b), for “before the end of the relevant assessment year” (w.e.f. 1-4-1990).
155. Ins. by Act 36 of 1989, sec. 28(d) (w.r.e.f. 1-4-1989).
156. Sub-section (7) omitted by Act 27 of 1999, sec. 92(d) (w.e.f. 1-6-1999). Earlier sub-section (7) was inserted by Act 36 of 1989, sec. 28(d) (w.r.e.f. 1-4-1989).
157. Explanation omitted by Act 27 of 1999, sec. 92(e) (w.e.f. 1-6-1999). Earlier Explanation was inserted by Act 49 of 1991, sec. 74(b) (w.e.f. 1-10-1991).
158. Ins. by Act 45 of 1972, sec. 10 (w.e.f. 1-1-1973).
159. Ins. by Act 3 of 1989, sec. 65 (w.e.f. 1-4-1989).
160. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
161. Subs. by Act 4 1988, sec. 139(a), for sub-section (1) (w.e.f. 1-4-1989). Earlier sub-section (1) was amended by Act 46 of 1964, sec. 17 (w.e.f. 1-4-1965).
162. Subs. by Act 3 of 1989, sec.66(a), for “for reasons to be recorded by him in writing, is of the opinion” (w.e.f. 1-4-1989).
163. The words "not being less than thirty days," omitted by Act 32 of 2003, sec. 100 (w.r.e.f.
164. Ins. by Act 3 of 1989, sec. 66(b) (w.e.f. 1-4-1989).
165. Ins. by the Finance Act, 2008, sec. 60(a) (w.r.e.f. 1-4-2008).
166. Subs. by Act 14 of 2001, sec. 96, for clauses (a) and (b) (w.e.f. 1-6-2001).
167. Subs. by Act 12 of 1990, sec. 55, for certain words (w.r.e.f. 1-4-1990).
168. Subs. by Act 21 of 1998, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998).
169. Subs. by Act 21 of 1998, sec. 66, for “Assistant Commissioner” (w.e.f. 1-10-1998).
170. Ins. by the Finance Act, 2008, sec. 60(b) (w.r.e.f. 1-10-1998).
171. Ins. by Act 46 of 1964, sec. 17(b) (w.e.f. 1-4-1965).
172. Ins. by Act 4 of 1988, sec. 139(b) (w.e.f. 1-4-1989).
173. Ins. by Act 41 of 1975, sec. 90 (w.e.f. 1-1-1976).
174. Subs. by Act 4 of 1988, sec. 140(a), for sub-sections (1) and (2) (w.e.f. 1-4-1989).
175. Subs. by Act 13 of 1989, sec. 28, for the proviso (w.e.f. 1-4-1989).
176. Ins. by Act 21 of 2006, sec. 57(a) (w.e.f. 1-6-2006).
177. Subs. by Act 14 of 2001, sec. 97(a)(i), for "two years" (w.e.f. 1-6-2001).
178. Subs. by Act 14 of 2001, sec. 97(a)(ii), for the proviso (w.e.f. 1-6-2001).
179. Ins. by Act 21 of 2006, sec. 57(b) (w.e.f. 1-6-2006).
180. Explanation omitted by Act 14 of 2001, sec. 97(a)(iii) (w.e.f. 1-6-2001).
181. Subs. by Act 14 of 2001, sec. 97(b)(ii), for "23" (w.e.f. 1-6-2001).
182. Subs. by Act 14 of 2001, sec. 97(b)(i), for "two years" (w.e.f. 1-6-2001). Earlier the words “two years” were substituted by Act 4 of 1988, sec. 140(b)(i), for the words “four years” (w.e.f. 1-4-1989).
183. Subs. by Act 4 of 1988, sec. 127, for "Commissioner" (w.e.f. 1-4-1989).
184. Subs. by Act 14 of 2001, sec. 97(b)(iii), for the proviso (w.e.f. 1-6-2001). Earlier the proviso was inserted by Act 4 of 1988, sec. 140(b)(ii) (w.e.f. 1-4-1989).
185. Ins. by Act 21 of 2006, sec. 57(c) (w.e.f. 1-6-2006).
186. Ins. by Act 67 of 1984, sec. 56 (w.e.f. 1-10-1984).
187. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
188. Subs. by Act 4 of 1988, sec. 127, for "Commissioner" (w.e.f. 1-4-1988).
189. Ins. by Act 49 of 1991, sec. 75 (w.e.f. 27-9-1991).
190. Ins. by the Finance Act, 2008, sec. 61 (w.r.e.f. 1-6-2007).
191. Ins. by Act 4 of 1988, sec. 141 (w.e.f. 1-4-1989).
192. Subs. by Act 14 of 2001, sec. 98, for "two per cent." (w.e.f. 1-6-2001).
193. Subs. by Act 54 of 2003, sec. 19, for “one and one-fourth per cent.” (w.r.e.f. 8-9-2003).
194. Ins. by Act 3 of 1989, sec. 67(a)(i) (w.e.f. 1-4-1989).
195. Subs. by Act 3 of 1989, sec. 67(a)(ii), for Explanation 2 (w.e.f. 1-4-1989).
196. Ins. by Act 3 of 1989, sec. 67(a)(iii) (w.e.f. 1-4-1989).
197. Ins. by Act 3 of 1989, sec. 67(b)(i) (w.e.f. 1-4-1989).
198. Subs. by Act 14 of 2001, sec. 98, for "two per cent." (w.e.f. 1-6-2001).
199. Subs. by Act 54 of 2003, sec. 19, for “one and one-fourth per cent.” (w.r.e.f. 8-9-2003).
200. Ins. by Act 3 of 1989, sec. 67(b)(ii) (w.e.f. 1-4-1989).
201. Explanation omitted by Act 3 of 1989, sec. 67(b)(iii) (w.e.f. 1-4-1989).
202. Subs. by Act 46 of 1964, sec. 18, for section 18 (w.e.f. 1-4-1965).
203. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
204. Subs. by Act 21 of 1998, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, sec. 127, for the words “Inspecting Commissioner or Inspecting Assistant Commissioner of Wealth-tax” (w.e.f. 1-4-1988).
205. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
206. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
207. Clause (a) omitted by Act 3 of 1989, sec. 68(a)(i) (w.e.f. 1-4-1989).
208. The words “without reasonable cause” omitted by Act 46 of 1986, sec. 33(a) (w.e.f. 10-9-1986).
209. Clauses (i), (ii), (iii) and Explanations 1 to 4 subs. by Act 41 of 1975, sec. 91(i), for clauses (i), (ii), (iii) and Explanations 1 and 2 (w.e.f. 1-4-1976). Earlier clause (iii) and Explanation were amended by Act 19 of 1968, sec. 32(b) (w.r.e.f. 1-4-1968), clause (ii) was substituted by Act 14 of 1969, sec. 24(c) (w.r.e.f. 1-4-1969).
210. Clause (i) omitted by Act 3 of 1989, sec. 68(a)(ii) (w.e.f. 1-4-1989). Earlier clause (i) was substituted by Act 14 of 1968, sec. 24(c) (w.r.e.f. 1-4-1969), and was amended by Act 32 of 1971, sec. 33(a) (w.e.f. 1-4-1972).
211. Subs. by Act 3 of 1989, sec. 68(a)(iii), for clause (ii) (w.e.f. 1-4-1989).
212. Subs. by Act 3 of 1989, sec. 68(a)(iv), for the proviso (w.e.f. 1-4-1989). Earlier the proviso was inserted by Act 46 of 1986, sec. 33(b) (w.e.f. 10-9-1986).
213. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
214. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
215. Ins. by Act 29 of 1977, sec. 39, Sch. V (w.e.f. 10-7-1978).
216. Ins. by Act 20 of 2002, sec. 110(a) (w.e.f. 1-6-2002).
217. Subs. by Act 46 of 1986, sec. 33(b)(ii)(1), for “not able to substantiate” (w.e.f. 10-9-1986).
218. Proviso omitted by Act 46 of 1986, sec. 33(b)(ii)(2) (w.e.f. 10-9-1986).
219. Subs. by Act 3 of 1989, sec. 68(a)(v), for Explanation 3 (w.e.f. 1-4-1989).
220. The words "who has not previously been assessed under this Act," omitted by Act 20 of 2002, sec. 110(b) (w.e.f. 1-4-2003).
221. Ins. by Act 67 of 1984, sec. 57 (w.e.f. 1-10-1984).
222. Subs. by Act 46 of 1986, sec. 33(b)(iii), for certain words (w.e.f. 10-9-1986).
223. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
224. Ins. by the Finance Act, 2008, sec. 62 (w.r.e.f. 1-4-1989).
225. Ins. by Act 3 of 1989, sec. 68(a)(vi) (w.e.f. 1-4-1989).
226. Sub-sections (1A) omitted by Act 41 of 1975, sec. 91(ii). Earlier sub-section (1A) was inserted by Act 32 of 1971, sec. 33(b) (w.e.f. 1-4-1972).
227. Sub-sections (2A) and (2B) omitted by Act 41 of 1975, sec. 91(iii) (w.e.f. 1-4-1976). Earlier sub-sections (2A) and (2B) were inserted by Act 15 of 1965, sec. 20 (w.e.f. 1-4-1965) and sub-section (2A) was amended by Act 42 of 1970, sec. 61(a) (w.e.f. 1-4-1971).
228. Subs. by Act 3 of 1989, sec. 68(b), for sub-section (3) (w.e.f. 1-4-1989). Earlier sub-section (3) was amended by Act 42 of 1970, sec. 61(b) (w.e.f. 1-4-1971) and was substituted by Act 41 of 1975, sec. 91(iv) (w.e.f. 1-4-1976).
229. Subs. by Act 21 of 1998, sec. 66, for “Assistant Commissioner” (w.e.f. 1-10-1998).
230. Subs. by Act 21 of 1998, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, sec. 127, for the words “Inspecting Commissioner or Inspecting Assistant Commissioner of Wealth-tax” (w.e.f.
231. Sub-section (3A) omitted by Act 3 of 1989, sec. 68(c) (w.e.f. 1-4-1989). Earlier sub-section (3A) was inserted by Act 41 of 1975, sec. 91(iv) (w.e.f. 1-4-1976).
232. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
233. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
234. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
235. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
236. Subs. by Act 3 of 1989, sec. 68(d), for sub-section (5) (w.e.f. 1-4-1989). Earlier sub-section (5) was substituted by Act 42 of 1970, sec. 61(c) (w.e.f. 1-4-1971).
237. Sub. by Act 3 of 1989, sec. 69, for section 18A (w.e.f. 1-4-1989). Earlier section 18A was inserted by Act 41 of 1975, sec. 92 (w.e.f. 1-4-1976) and was amended by Act 46 of 1986, sec. 34 (w.e.f. 10-9-1986) and was substituted by Act 4 of 1988, sec. 142 (w.e.f. 1-4-1989).
238. Subs. by Act, 21 of 1998, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998).
239. Subs. by Act, 21 of 1998 sec. 66, for “Assistant Director” (w.e.f. 1-10-1998).
240. Ins. by Act 41 of 1975, sec. 92 (w.e.f. 1-10-1975).
241. The words “Chief Commissioner or Commissioner” subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
242. The words “Chief Commissioner or“ omitted by Act 38 of 1993, sec. 40(a) (w.e.f. 1-6-1993).
243. Clause (i) omitted by Act 3 of 1989, sec. 70(a)(i) (w.e.f. 1-4-1989).
244. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
245. Explanation renumbered as Explanation 1 by Act 67 of 1984, sec. 58(a) (w.e.f. 1-10-1984).
246. Explanation 2 omitted by Act 32 of 1985, sec. 38 (w.e.f. 24-5-1985). Earlier Explanation 2 was inserted by Act 67 of 1984, sec. 58(b) (w.e.f. 1-10-1984).
247. Subs. by Act 38 of 1993, sec. 40(b), for “The Chief Commissioner or Commissioner, except with the previous approval of the Board” (w.e.f. 1-6-1993).
248. Ins. by Act 49 of 1991, sec. 76 (w.e.f. 27-9-1991).
249. The words “Chief Commissioner or Commissioner” subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
250. The words “Chief Commissioner or” omitted by Act 38 of 1993, sec. 40(c) (w.e.f. 1-6-1993).
251. Ins. by Act 3 of 1989, sec. 70(b) (w.e.f. 1-4-1989).
252. Ins. by the Finance Act, 2008, sec. 63 (w.r.e.f. 1-4-2008).
253. Chapter IV (containing section 18C) ins. by Act 67 of 1984, sec. 59 (w.e.f. 1-10-1984).
254. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
255. Ins. by Act 20 of 2002, sec. 111(a)(i) (w.e.f 1-6-2002).
256. Subs. by Act 20 of 2002, sec. 111(a)(ii), for certain words (w.e.f. 1-6-2002).
257. Subs. by Act 20 of 2002, sec. 111(b), for certain words (w.e.f. 1-6-2002).
258. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
259. Chapter IVB relating to “CHARGE OF ADDITIONAL WEALTH-TAX IN CERTAIN CASES” (containing section 18D) omitted by Act 3 of 1989, sec. 95(p) (w.e.f. 1-4-1989). Earlier Chapter IVB (containing section 18D) was inserted by Act 4 or 1988, sec. 143 (w.e.f. 1-4-1989).
260. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
261. Ins. by Act 46 of 1964, sec. 19 (w.e.f. 1-4-1965).
262. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
263. Ins. by Act 44 of 1980, sec. 39 (w.e.f. 1-4-1980).
264. Subs. by Act 44 of 1980, sec. 40(a), for “In the case of assets chargeable to tax under this Act” (w.e.f. 1-4-1980).
265. Subs. by Act 46 of 1964, sec. 20(a), for “on whose behalf” (w.e.f. 1-4-1965).
266. Ins. by Act 16 of 1981, sec. 26(a) (w.r.e.f. 1-4-1981).
267. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
268. Ins. by Act 44 of 1980, sec. 40(b) (w.e.f. 1-4-1980).
269. Subs. by Act 46 of 1964, sec. 20(a), for “on whose behalf” (w.e.f. 1-4-1965).
270. The words ‘(all of which persons are hereinafter in this sub-section included in the term “beneficiary”)' omitted by Act 46 of 1964, sec. 20(b)(i) (w.e.f. 1-4-1965).
271. Subs. by Act 46 of 1964, sec. 20(b)(ii), for “on behalf of such beneficiary” (w.e.f. 1-4-1965).
272. Subs. by Act 19 of 1970, sec. 26(e), for sub-section (4) (w.e.f. 1-4-1971). Earlier sub-section (4) was amended by Act 46 of 1964, sec. 20(c) (w.e.f. 1-4-1965) and was substituted by Act 19 of 1970, sec. 26(e) (w.e.f. 1-4-1971).
273. Subs. by Act 16 of 1981, sec. 26(b)(i), for “Notwithstanding anything contained in this section” (w.r.e.f. 1-4-1981).
274. Subs. by Act 44 of 1980, sec. 40(c)(i), for certain words (w.e.f. 1-4-1980).
275. Subs. by Act 66 of 1976, sec. 27(4), for “the Schedule” (w.e.f. 1-4-1977).
276. The words “in the case of an individual” omitted by Act 32 of 1971, sec. 34(a) (w.e.f. 1-4-1972).
277. Subs. by Act 44 of 1980, sec. 40(c)(iv), for “one and one-half per cent.” (w.e.f. 1-4-1980).
278. Subs. by Act 44 of 1980, sec. 40(c)(iii)(I), for “under a trust declared by will” (w.e.f. 1-4-1980).
279. Ins. by Act 44 of 1980, sec. 40(c)(ii)(2) (w.e.f. 1-4-1980).
280. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
281. Subs. by Act 66 of 1976, sec. 27(4), for “the Schedule” (w.e.f. 1-4-1977).
282. The words “in the case of an individual” omitted by Act 32 of 1971, sec. 34(a) (w.e.f. 1-4-1972).
283. Ins. by Act 44 of 1980, sec. 40(c)(iv) (w.e.f. 1-4-1980).
284. Ins. by Act 32 of 1971, sec. 34(b) (w.e.f. 1-4-1972).
285. Explanation renumbered as Explanation 2 by Act 44 of 1980, sec. 40(c)(iv) (w.e.f. 1-4-1980).
286. Subs. by Act 16 of 1981, sec. 26(b)(ii), for certain words (w.r.e.f. 1-4-1981).
287. Ins. by Act 16 of 1981, sec. 26(c)(w.r.e.f. 1-4-1981).
288. Ins. by Act 46 of 1964, sec. 20(d) (w.e.f. 1-4-1965).
289. Ins. by Act 18 of 1992, sec. 94 (w.e.f. 1-4-1993).
290. Ins. by Act 16 of 1972, sec. 46 (w.e.f. 1-4-1973).
291. Subs. by Act 18 of 1992, sec. 95, for "Notwithstanding anything contained in clause (i) of sub-section (1) of section 5, where any property is held" (w.e.f. 1-4-1993)
292. Subs. by Act 33 of 1996, sec. 58, for "Where any property is held" (w.e.f 1-4-1993).
293. Subs. by Act 21 of 1984, sec. 34(b)(1), for certain words (w.e.f. 1-4-1985).
294. Subs. by Act 4 of 1988, sec. 144(a), for “any person referred to in sub-section (3) of section 13 of the Income-tax Act” (w.e.f. 1-4-1989).
295. Subs. by Act 4 of 1988, sec. 144(b), for “any person referred to in sub-section (3) of section 13 of the Income Tax Act, or” (w.e.f. 1-4-1989).
296. Clause (iii) omitted by Act 4 of 1988, sec. 144(c) (w.e.f. 1-4-1989).
297. Certain words omitted by Act 18 of 1992, sec. 95(b) (w.e.f. 1-4-1993).
298. Subs. by Act 4 of 1988, sec. 144(d), for “any person referred to in sub-section (3) of section 13 of the Income-tax Act” (w.e.f. 1-4-1989).
299. Second Proviso omitted by Act 18 of 1992, sec. 95(c) (w.e.f. 1-4-1993). Earlier second proviso was amended by Act 4 of 1988, sec. 144(e) (w.e.f. 1-4-1989).
300. Ins. by Act 21 of 1984, sec. 34(b)(2) (w.e.f. 1-4-1985).
301. Subs. by Act 18 of 1992, sec. 95(d)(i), for “Provided also that” (w.e.f. 1-4-1993). Earlier this proviso was amended by Act 4 of 1988, sec. 144(f) (w.e.f. 1-4-1989).
302. Subs. by Act 4 of 1988, sec. 144(f)(i), for clause (a) (w.e.f. 1-4-1989).
303. Subs. by Act 18 of 1992, sec. 95(d)(ii), for “Part I of Schedule I in the case of an individual” (w.e.f. 1-4-1993).
304. Subs. by Act 4 of 1988, sec. 144(f)(ii), for “clauses (i) to (ii)” (w.e.f. 1-4-1989).
305. Subs. by Act 4 of 1988, sec. 144(g), for clauses (a) and (aa) (w.e.f. 1-4-1989).
306. Clause (aa) omitted by Act 18 of 1992, sec. 95(e) (w.e.f. 1-4-1993). Earlier clause (aa) was inserted by Act 21 of 1984, sec. 34(b)(3) (w.e.f. 1-4-1985).
307. Ins. by Act 16 of 1981, sec. 27 (w.r.e.f. 1-4-1981).
308. Ins. by Act 13 of 1989, sec. 29 (w.r.e.f. 1-4-1989).
309. Subs. by Act 4 of 1988, sec. 145, for certain words (w.e.f. 1-4-1989).
310. The words “, and at the maximum marginal rate” omitted by Act 18 of 1992, sec. 96(a) (w.e.f.
311. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
312. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
313. Explanation omitted by Act 18 of 1992, sec. 96(6) (w.e.f. 1-4-1993). Earlier Explanation was inserted by Act 16 of 1981, sec. 28 (w.e.f. 1-4-1981).
314. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
315. Proviso omitted by Act 46 of 1964, sec. 21(a) (w.e.f. 1-4-1965).
316. Ins. by Act 46 of 1964, sec. 21(b) (w.e.f. 1-4-1965).
317. section 22A ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
318. Subs. by Act 11 of 1987, sec. 77, for section 22A (w.e.f. 1-6-1987). Earlier section 22A was amended by Act 67 of 1984, sec. 60 (w.e.f. 1-10-1984).
319. Subs. by Finance Act, 2007, sec. 84(a), for clause (b) (w.e.f. 1-6-2007). Clause (b), before substitution, stood as under:
320. Clause (iii) omitted by the Finance Act, 2010, sec. 53(i) (w.e.f. 1-6-2010). Clause (iii), before omission, stood as under:
321. Subs. by Finance Act, 2010, sec. 53(ii)(a), for clause (iii) (w.e.f. 1-6-2010). Clause (iii), before substitution, stood as under:
322. Subs. by Finance Act, 2010, sec. 53(ii)(b), for “or clause (iii) of the proviso” (w.e.f. 1-6-2010).
323. Ins. by Finance Act, 2007, sec. 84(b) (w.e.f. 1-6-2007).
324. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
325. The words “(hereafter in this Chapter referred to as “the Settlement Commissioner”) omitted by Act 11 of 1987, sec. 78 (w.e.f. 1-6-1987).
326. Subs. by Act 46 of 1986, sec. 35(a), for “and two other members” (w.e.f. 10-9-1986).
327. Sub-section (2A) omitted by Act 46 of 1986, sec. 35(b) (w.e.f. 10-9-1986). Earlier sub-section (2A) was inserted by Act 14 of 1982, sec. 36 (w.r.e.f. 1-4-1982).
328. Ins. by Act 46 of 1986, sec. 35(c)(i) (w.e.f. 10-9-1986).
329. Ins. by Act 46 of 1986, sec. 35(c)(ii) (w.e.f. 10-9-1986).
330. Second proviso omitted by Act 46 of 1986, sec. 35(c)(iii) (w.e.f. l0-9-1986).
331. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
332. Ins. by Act 11 of 1987, sec. 79 (w.e.f 1-6-1987).
333. Ins. by Act 49 of 1991, sec. 77(a) (w.e.f. 1-10-1991).
334. Ins. by Act 49 of 1991, sec. 77(b) (w.e.f. 1-10-1991).
335. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
336. Ins. by Act 11 of 1987, sec. 79 (w.e.f. 1-6-1987).
337. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
338. Ins. by Act 11 of 1987, sec. 79 (w.e.f. 1-6-1987).
339. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
340. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
341. Ins. by Act 11 of 1987, sec. 79 (w.e.f. 1-6-1987).
342. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
343. Subs. by Act 67 of 1984, sec. 61, for sub-section (1) (w.e.f. 1-10-1984).
344. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
345. Subs. by Finance Act, 2007, sec. 85(i), for the proviso (w.e.f. 1-6-2007). Earlier the proviso was inserted by Act 11 of 1987, sec. 80(i) (w.e.f. 1-6-1987). The proviso, before substitution by Finance Act, 2007, stood as under:
346. The words “and sub-sections (2A) to (2D) of section 22D” omitted by Act 22 of 2007, sec. 85(ii) (w.e.f. 1-6-2007).
347. Subs. by Act 22 of 2007, sec. 85(iii), for sub-section (1B) (w.e.f. 1-6-2007). Earlier sub-section (1B) was inserted by Act 67 of 1984, sec. 61 (w.e.f. 1-10-1984) and was substituted by Act 11 of 1987, section 80(ii) (w.e.f. 1-6-1987). Sub-section (1B), before substitution by Act 22 of 2007, stood as under:
348. Subs. by Act 11 of 1987, sec. 8(ii) (w.e.f. 1-6-1987). Earlier sub-section (1C) was inserted by Act 67 of 1984, sec. 61 (w.e.f. 1-10-1984).
349. Clause (c) omitted by Act 22 of 2007, sec. 85(iv) (w.e.f. 1-6-2007). Clause (c), before omission, stood as under:
350. Ins. by Act 22 of 2007, sec. 85(v) (w.e.f. 1-6-2007).
351. section 22D ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
352. Subs. by Act 22 of 2007, sec. 86(i), for sub-section (1) (w.e.f. 1-6-2007). Earlier sub-section (1) was amended by Act 21 of 1979, sec. 24(a) (w.e.f. 1-4-1980), by Act 49 of 1991, sec. 78(a) (w.e.f. 27-9-1991) and by Act 20 of 2002, sec. 112(a) (w.e.f. 1-6-2002). Sub-section (1), before substitution, by Act 22 of 2007, stood as under:
353. Sub-section (1A) omitted by Act 49 of 1991, sec. 78(b) (w.e.f. 27-9-1991). Earlier sub-section (1A) was inserted by Act 21 of 1979, sec. 24(b) (w.r.e.f. 1-4-1979).
354. Subs. by Finance Act, 2007, sec. 86(ii), for sub-section (2A) (w.e.f. 1-6-2007). Earlier sub-section (2A) was amended by Act 32 of 1985, sec. 39 (w.r.e.f. 1-10-1984) and was inserted by Act 67 of 1984, sec. 62(a) (w.e.f. 1-10-1984). Sub-section (2A), before substitution by Finance Act, 2007, stood as under:
355. Subs. by Finance Act, 2007, sec. 86(ii), for sub-section (2B) (w.e.f. 1-6-2007). Earlier sub-section (2B) was inserted by Act 67 of 1984, sec. 62(a) (w.e.f. 1-10-1984). Sub-section (2B), before substitution by Finance Act, 2007, stood as under:
356. Subs. by Finance Act, 2007, sec. 86(ii), for sub-section (2C) (w.e.f. 1-6-2007). Earlier sub-section (2C) was inserted by Act 67 of 1984, sec. 62(a) (w.e.f. 1-10-1984). Sub-section (2C), before substitution by Finance Act, 2007, stood as under:
357. Subs. by Finance Act, 2007, sec. 86(ii), for sub-section (2D) (w.e.f. 1-6-2007). Earlier sub-section (2D) was inserted by Act 67 of 1984, sec. 62(a) (w.e.f. 1-10-1984) and was amended by Act 4 of 1988, sec. 127 (w.e.f. 1-4-1988). Sub-section (2D), before substitution by Finance Act, 2007, stood as under:
358. Subs. by Finance Act, 2007, sec. 86(iii), for sub-sections (3) and (4) (w.e.f. 1-6-2007). Sub-sections (3) and (4), before substitution, stood as under:
359. Subs. by Finance Act, 2007, sec. 86(iii), for sub-section (4A) (w.e.f. 1-6-2007). Earlier sub-section (4A) was inserted by Act 20 of 2002, sec. 112(b) (w.e.f. 1-6-2002). Sub-section (4A), before substitution by Finance Act, 2007, stood as under:
360. Ins. by Finance Act, 2010, sec. 54(a) (w.r.e.f. 1-4-2010).
361. Ins. by Finance Act, 2010, sec. 54(b) (w.e.f. 1-6-2010).
362. Ins. by Act 11 of 1987, sec. 81(a) (w.e.f. 1-6-1987). Earlier sub-section (5) was amended by Act 14 of 1982, sec. 37 (w.r.e.f. 1-4-1982) and was omitted by Act 46 of 1986, sec. 35 (w.e.f. 10-9-1986).
363. Subs. by Act 11 of 1987, sec. 81(b), for “tax or penalty” (w.e.f. 1-6-1987). Earlier the words “tax or penalty” were substituted by Act 67 of 1984, sec. 62(b), for the words “tax, penalty or interest” (w.e.f. 1-10-1984).
364. Ins. by Act 67 of 1984, sec. 62(c) (w.e.f. 1-10-1984).
365. Subs. by Finance Act, 2007, for “fifteen per cent. per annum” (w.e.f. 1-4-2008).
366. Ins. by Act 67 of 1984, sec. 62(d) (w.e.f. 1-10-1984).
367. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
368. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
369. Ins. by Act 26 of 1988, sec. 56 (w.r.e.f. 1-4-1988).
370. The words “, so, however, that the total period of extension shall not in any case exceed two years” omitted by Finance Act, 2007, sec. 87 (w.e.f. 1-6-2007).
371. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
372. Subs. by Act 11 of 1987, sec. 82 (w.e.f. 1-6-1987).
373. Ins. by Finance Act, 2007, sec. 88 (w.e.f. 1-6-2007).
374. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
375. Ins. by Finance Act, 2007, sec. 89 (w.e.f. 1-6-2007).
376. Sub-sections (5) and (6) and (7) subs. by Act 46 of 1986, sec. 37, for sub-section (5) (w.e.f. 10-9-1986).
377. Sub-sections (5) and (6) omitted by Act 11 of 1987, sec. 83 (w.e.f 1-6-1987).
378. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
379. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
380. Subs. by Act 67 of 1984, sec. 63, for “and also from the imposition of any penalty” (w.e.f. 1-10-1984).
381. Ins. by Act 11 of 1987, sec. 84(a) (w.e.f. 1-6-1987).
382. Ins. by Finance Act, 2007, sec. 90 (w.e.f. 1-6-2007).
383. Ins. by Act 11 of 1987, sec. 84(b) (w.e.f. 1-6-1987).
384. Certain words omitted by Act 11 of I987, sec. 84(c) (w.e.f. l-6-1987).
385. Chapter VA (Containing sections 22A to 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
386. Ins. by Finance Act, 2007, sec. 91 (w.e.f. 1-6-2007). Earlier section 22HA relating to “Power of Settlement Commission to send a case back to the Wealth-tax Officer if the assessee does not co-operate” was inserted by Act 11 of 1987, sec. 85 (w.e.f. 1-6-1987) and was amended by Act 4 of 1988, sec. 127 (w.e.f. 1-4-1988) and was omitted by Act 20 of 2002, sec. 113 (w.e.f.
387. Chapter VA (Containing sections 22HAA) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
388. Ins. by Finance Act, 2007, sec. 91 (w.e.f. 1-6-2007).
389. Chapter VA (Containing sections 22-I) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
390. Chapter VA (Containing sections 22J) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
391. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
392. Chapter VA (Containing sections 22K) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
393. Subs. by Finance Act, 2007, sec, 92, for section 22K (w.e.f. 1-6-2007). Earlier section 22K was inserted by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976) and was amended by Act 11 of 1987, sec. 86 (w.e.f. 1-6-1987) and by Act 4 of 1988 (w.e.f. 1-4-1988). Section 22K, before substitution, by Finance Act, 2007, stood as under:
394. Chapter VA (Containing sections 22L) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
395. Chapter VA (Containing sections 22M) ins. by Act 41 of 1975, sec. 93 (w.e.f. 1-4-1976).
396. Section 22M was earlier amended by Act 67 of 1984, sec. 64 (w.e.f. 1-10-1984).
397. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
398. Subs. by Act 4 of 1988, sec. 127, for "Wealth-tax-Officer" (w.e.f. 1-4-1988).
399. Subs. by Act 29 of 1977, sec. 39 and Sch. V, for “Any person” (w.e.f. 10-7-1978).
400. Subs. by Act 46 of 1964, sec. 22(a)(i), for “his net wealth” (w.e.f. 1-4-1965).
401. Subs. by Act 4 of 1988, sec. 146(a)(i), for clause (d) (w.e.f. 1-4-1989). Earlier clause (d) was amended by Act 46 of 1964, sec. 20(a)(ii) (w.e.f. 1-4-1965).
402. Certain words omitted by Act 3 of 1989, sec. 71(i) (w.e.f. 1-4-1989).
403. Subs. by Act 46 of 1964, sec. 22(a)(iii) for “sub-section (1) of section 46” (w.e.f. 1-4-1965).
404. Ins. by Act 46 of 1964, sec. 22(a)(iii) (w.e.f. 1-4-1965).
405. Ins. by Act 46 of 1964, sec. 22(a)(iv) (w.e.f. 1-4-1965).
406. Ins. by Act 45 of 1972, sec. 11(a)(i) (w.e.f. 1-1-1973).
407. Clause (i) omitted by Act 4 of 1988, sec. 146(a)(ii) (w.e.f. 1-4-1989). Earlier clause (i) was inserted by Act 46 of 1964, sec. 22(a)(iv) (w.e.f. 1-4-1965) and was amended by Act 45 of 1972, sec. 11(a)(ii) (w.e.f. 1-1-1973).
408. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
409. Ins. by Act 10 of 2000, sec. 72(a) (w.e.f. 1-6-2000).
410. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
411. Subs. by Act 3 of 1989, sec. 71(ii), for clause (b) (w.e.f. 1-4-1989). Earlier clause (b) was substituted by Act 4 of 1988, sec. 146(b) (w.e.f. 1-4-1988).
412. Subs. by Act, 21 of 1998, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998).
413. Subs. by Act 4 of 1988, sec. 146(b), for clauses (c) and (d) (w.e.f. 1-4-1988).
414. Subs. by Act 21 of 1998, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998).
415. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
416. Ins. by Act 10 of 2000, sec. 72(b) (w.e.f. 1-6-2000).
417. Ins. by Act 10 of 2000, sec. 72(c) (w.e.f. 1-6-2000).
418. Subs. by Act 4 of 1988, sec. 146(c), for sub-sections (1B) and (1C) (w.e.f. 1-4-1989). Earlier sub-sections (1B) and (1C) were inserted by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
419. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
420. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
421. Ins. by Act 41 of 1975, sec. 94 (w.e.f. 1-10-1975).
422. Proviso omitted by Act 4 of 1988, sec. 146(d) (w.e.f. 1-4-1989).
423. Ins. by Act 45 of 1972, sec. 11(b) (w.e.f. 1-1-1973).
424. Subs. by Act 45 of 1972, sec. 11(c), for “Wealth-tax Officer” (w.e.f. 10-7-1978).
425. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
426. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
427. Subs. by Act 45 of 1972, sec. 11(c), for “Wealth-tax Officer” (w.e.f. 1-1-1973).
428. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
429. Ins. by Act 46 of 1964, sec. 22(b) (w.e.f. 1-4-1965).
430. Ins. by Act 21 of 1998, sec. 69 (w.e.f. 1-10-1998). Earlier section 23A was inserted by Act 4 of 1988, sec. 147 (w.e.f. 1-4-1989) and was omitted by Act 3 of 1989, sec. 95(p) (w.e.f. 1-4-1989).
431. Ins. by Act 27 of 1999, sec. 93 (w.e.f. 1-6-1999).
432. Ins. by the Finance Act, 2008, sec. 64 (w.r.e.f. 1-4-2008).
433. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
434. Subs. by Act 41 of 1975, sec. 95, for sub-section (1) (w.e.f. 10-7-1978). Earlier sub-section (1) was substituted by Act 46 of 1964, sec. 23(a) (w.e.f. 1-4-1965).
435. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
436. Ins. by Act 21 of 1998, sec. 70(a) (w.e.f. 1-10-1998). Earlier the words “or section 23A” were inserted by Act 4 of 1988, sec. 160(2) (w.e.f. 1-4-1989) and said words were omitted by Act 3 of 1989, sec. 95(r) (w.e.f. 1-4-1989).
437. Certain words omitted by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
438. Subs. by Act 21 of 1998, sec. 70(b), for “a Deputy Commissioner (Appeals) or a Commissioner (Appeals) under section 23” (w.e.f. 1-10-1998).
439. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
440. Ins. by Act 46 of 1964, sec. 23(b) (w.e.f. 1-4-1965).
441. The words “the Deputy Commissioner (Appeals) or” omitted by Act 21 of 1998, sec. 70(c) (w.e.f. 1-10-1998).
442. Subs. by Act 46 of 1964, sec. 23(c), for sub-section (3) (w.e.f. 1-4-1971).
443. Subs. by Act 42 of 1970, sec. 62, for “a fee of one hundred rupees” (w.e.f. 1-4-1971).
444. Subs. by Act 21 of 1998, sec. 70(d), for “two hundred rupees” (w.e.f. 1-10-1998). Earlier the words “two hundred rupees” were substituted by Act 16 of 1981, sec. 28, for “One hundred and twenty five rupees” (w.e.f. 1-6-1981).
445. Ins. by Act 27 of 1999, sec. 94(a) (w.e.f. 1-6-1999).
446. Subs. by Act 45 of 1972, sec. 12(a), for “Provided that” (w.e.f. 1-1-1973).
447. Ins. by Act 27 of 1999, sec. 94(b) (w.e.f. 1-6-1999).
448. Ins. by Act 10 of 2000, sec. 73 (w.e.f. 1-6-2000).
449. Sub-sections (6), (7), (8A) and (8B) omitted by Act 45 of 1972, sec. 12(b) (w.e.f. 1-1-1973). Earlier sub-section (6) was amended by Act 58 of 1960, sec. 58 and Second Sch. (w.e.f. 26-12-1960) and sub-sections (6), (7), (8), (8A) and (8B) were substituted by Act 46 of 1964, sec. 23(d), for sub-sections (6), (7) and (8) (w.e.f. 1-4-1965).
450. Ins. by Act 27 of 1999, sec. 92(c) (w.e.f. 1-6-1999).
451. Subs. by Act 46 of 1964, sec. 23(e), for “sub-sections (5), (7) and (8) of section 5A” (w.e.f. 1-4-1965).
452. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
453. Subs. by Act 4 of 1988, sec. 127, for “a Wealth-tax Officer” (w.e.f. 1-4-1986).
454. Subs. by Act 26 of 1988, sec. 57, for Explanation (w.e.f. 1-6-1988). Earlier Explanation was inserted by Act 67 of 1984, sec. 65(a) (w.e.f. 1-10-1984).
455. Ins. by Act 13 of 1989, sec. 30(i) (w.r.e.f. 1-6-1988).
456. Subs. by Act 13 of 1989, sec. 30(ii), for “includes” (w.r.e.f. 1-6-1988).
457. Ins. by Act 13 of 1989, sec. 30(iii)(a) (w.r.e.f. 1-6-1988).
458. Ins. by Act 13 of 1989, sec. 30(iii)(b) (w.r.e.f. 1-6-1988).
459. Ins. by Act 46 of 1964, sec. 24 (w.e.f. 1-4-1965).
460. Subs. by Act 67 of 1984, sec. 65(b), for “from the date of the order sought to be refused” (w.e.f. 1-10-1984).
461. Ins. by Act 21 of 1998, sec. 71(a) (w.e.f. 1-10-1998).
462. Subs. by Act 21 of 1998, sec. 71(b), for sub-section (4) (w.e.f. 1-10-1998). Earlier sub-section (4) was inserted by Act 46 of 1964, sec. 24 (w.e.f. 1-4-1965).
463. Ins. by Act 49 of 2005, sec. 30 and Schedule, Pt. II-2.
464. Subs. by Act 4 of 1988, sec. 127, for “Commissioners” (w.e.f. 1-4-1988).
465. Subs. by Act 46 of 1964, sec. 25, for “an order of enhancement made by the Commissioner under section 25” (w.e.f. 1-4-1965).
466. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
467. Ins. by Act 41 of 1975, sec. 96 (w.e.f. 1-4-1976).
468. Ins. by Act 3 of 1989, sec. 72 (w.e.f. 1-4-1989).
469. Subs. by Act 42 of 1970, sec. 63, for “a fee of one hundred rupees” (w.e.f. 1-4-1971).
470. Subs. by Act 16 of 1981, sec. 29, for “One hundred and twenty-five rupees” (w.e.f. 1-6-1981).
471. Subs. by Act 45 of 1972, sec. 13, for “sub-sections (3) and (5) to (10) inclusive” (w.e.f. 1-1-1973).
472. Subs. by Act 46 of 1964, sec. 26(a), for sub-sections (1) and (2) (w.e.f. 1-4-1965).
473. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
474. Ins. by Act 27 of 1999, sec. 95 (w.e.f. 1-6-1999).
475. Ins. by Act 49 of 1991, sec. 79 (w.e.f. 27-9-1991).
476. Subs. by Act 42 of 1970, sec. 64, for “a fee of rupees one hundred” (w.e.f. 1-4-1971).
477. Subs. by Act 16 of 1981, sec. 30, for “one hundred and twenty-five rupees” (w.e.f. 1-6-1981).
478. Subs. by Act 46 of 1964, sec. 26(b), for “three months” (w.e.f. 1-4-1965).
479. Ins. by Act 46 of 1964, sec. 26(c) (w.e.f. 1-4-1965).
480. Ins. by Finance Act, 2010, sec. 55 (w.r.e.f. 1-6-1981).
481. Ins. by Act 46 of 1964, sec. 26(d) (w.e.f. 1-4-1965).
482. Subs. by Act 46 of 1964, sec. 26(e), for sub-sections (7), (8) and (9) (w.e.f. 1-4-1965).
483. Ins. by Act 21 of 1998, sec. 72 (w.e.f. 1-10-1998).
484. Ins. by Act 49 of 2005, sec. 30 and Sch., Pt. II-3(i) (w.e.f. 28-12-2005).
485. Ins. by Finance Act, 2010, sec. 56 (w.r.e.f. 1-10-1998).
486. Ins. by Act 49 of 2005, sec. 30 and Sch., Pt. II-3(ii) (w.e.f. 28-12-2005).
487. Certain words omitted by Act 27 of 1999, sec. 96(a) (w.e.f. 1-6-1999).
488. Ins. by Act 27 of 1999, sec. 96(b) (w.e.f. 1-6-1999).
489. Subs. by Act 21 of 1998, sec. 73, for “under section 27” (w.e.f. 1-10-1998).
490. Ins. by Act 49 of 2005, sec. 30 and Schedule, Pt. II-4 (w.e.f. 28-12-2005).
491. Subs. by Act 21 of 1998, sec. 74(a), for “under section 27” (w.e.f. 1-10-1998).
492. Ins. by Act 21 of 1998, sec. 74(b) (w.e.f. 1-10-1998).
493. Ins. by Act 46 of 1964, sec. 27 (w.e.f. 1-4-1965).
494. Ins. by Act 49 of 2005, sec. 30 and Schedule, Pt. II-5 (w.e.f. 28-12-2005).
495. Ins. by Act 46 of 1964, sec. 27 (w.e.f. 1-4-1965).
496. Subs. by the Punjab Reorganisation of Delhi High Court (Adaptation of Laws on Union Subjects) Order, 1968, for clause (ii) (w.e.f. 1-11-1966).
497. Clause (iia) omitted by the State of Himachal Pradesh (Adaptation of Laws on Union Subjects) Order, 1973 (w.r.e.f. 25-1-1971).
498. Subs. by the North-Eastern Areas (Reorganisation) (Adaptation of Laws on Union Subjects) Order, 1974, for clause (iii) (w.r.e.f. 21-1-1972).
499. Subs. by the Laccadive, Minicoy, and Aminidivi lslands (Alteration of Name) Adaptation of Laws Order, l974, for “Laccadive, Minicoy and Aminidivi Islands ” (w.r.e.f 1-11-1973).
500. Ins. by the Punjab Reorganisation and Delhi High Court (Adaptation of Laws on Union Subjects) Order, 1968 (w.r.e.f. 1-11-1966).
501. Subs. by Act 46 of 1964, sec. 28, for section 30 (w.e.f. 1-4-1965).
502. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
503. Subs. by Act 46 of 1964, sec. 28, for section 31 (w.e.f. 1-4-1965).
504. Subs. by Act 4 of 1988, sec. 148(a), for “thirty-five days” (w.e.f. 1-4-1989).
505. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
506. Subs. by Act 4 of 1988, sec. l27, for “Inspecting Assistant Commissioner” (w.e.f. l-4-1988).
507. Subs. by Act 4 of 1988, sec. 148(b)(i), for certain words (w.e.f. 1-4-1989).
508. Subs. by Act 4 of 2001, sec. 99, for "one and one-half per cent." (w.e.f. 1-6-2001).
509. Subs. by Act 54 of 2003, sec. 20(a), for “one and one-fourth per cent.” (w.r.e.f. 8-9-2003).
510. Ins. by Act 10 of 2000, sec. 74(a) (w.e.f. 1-6-2000).
511. Ins. by Act 4 of 1988, sec. 148(b)(ii) (w.e.f. 1-4-1989).
512. lns. by Act 4 of 1988, sec. 148(b)(iii) (w.e.f. 1-4-1989).
513. Subs. by Act 14 of 2001, sec. 99(i), for "one and one-half per cent." (w.e.f. 1-6-2001).
514. Subs. by Act 14 of 2001, sec. 99(ii), for “one and one-half per cent.” (w.e.f. 1-6-2001).
515. Subs. by Act 54 of 2003, sec. 20(b), for “one and one-fourth per cent.” (w.r.e.f. 8-9-2003).
516. Ins. by Act 67 of 1984, sec. 66(b) (w.e.f. 1-10-1984).
517. Subs. by Act 4 of 1988, sec. 88(a)(i), for “the Board may” (w.r.e.f. 1-4-1987).
518. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
519. Subs. by Act 11 of 1987, sec. 88(a)(ii), for “interest payable by an assessee” (w.r.e.f. 1-10-1984).
520. Subs. by Act 11 of 1987, sec. 88(a)(iii), for certain words (w.r.e.f. 1-4-1987).
521. Subs. by Act 11 of 1987, sec. 88(b), for clauses (i) and (ii) (w.r.e.f. 1-10-1984).
522. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
523. Ins. by Act 10 of 2000, sec. 74(b) (w.e.f. 1-6-2000).
524. Subs. by Act 46 of 1964, sec. 28, for section 32 (w.e.f. 1-4-1965).
525. Subs. by Act 16 of 1972, sec. 48, for “sections 221 to 227” (w.e.f. 1-4-1972).
526. Subs. by Act 4 of 1988, sec. 149(a), for certain words (w.e.f. 1-4-1988).
527. Subs. by Act 4 of 1988, sec. 149(b), for Explanation II (w.e.f. 1-4-1988). Earlier Explanation II was amended by Act 32 of 1971, sec. 35 (w.e.f. 1-1-1972).
528. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
529. Chapter VIIA (containing section 34A) ins. by Act 46 of 1964, sec. 30 (w.e.f. 1-4-1965).
530. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
531. Ins. by Act 4 of 1988, sec. 150(i) (w.e.f. 1-4-1989).
532. Subs. by Act 3 of 1989, sec. 73(a), for “total income” (w.e.f. 1-4-1989).
533. Subs. by Act 36 of 1989, sec. 29, for sub-section (2) (w.r.e.f. 1-4-1989).
534. Subs. by Act 67 of 1984, sec. 67, for “twelve-per cent.” (w.e.f. 1-10-1984).
535. Subs. by Act 14 of 2001, sec. 100(a), for "fifteen per cent." (w.e.f. 1-6-2001).
536. Subs. by Act 20 of 2002, sec. 114(a), for "nine per cent." (w.e.f. 1-6-2002).
537. Subs. by Act 54 of 2003, sec. 21(a), for “eight per cent.” (w.r.e.f. 8-9-2003).
538. Ins. by Act 41 of 1975, sec. 97 (w.e.f. 1-10-1975).
539. Ins. by Act 4 of 1988, sec. 150(ii) (w.e.f. 1-4-1989).
540. Subs. by Act 3 of 1989, sec. 73(b)(i), for certain words (w.e.f. 1-4-1989).
541. Subs. by Act 14 of 2001, sec. 100(b), for "one per cent." (w.e.f. 1-6-2001).
542. Subs. by Act 20 of 2002, sec. 114(b), for "three-fourth per cent." (w.e.f. 1-6-2002).
543. Subs. by Act 54 of 2003, sec. 21(b), for “two-third per cent.” (w.r.e.f. 8-9-2003).
544. Ins. by Act 3 of 1989, sec. 73(b)(ii) (w.e.f. 1-4-1989).
545. Ins. by Act 10 of 2000, sec. 75 (w.e.f. 1-6-2000).
546. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
547. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. l-4-1988).
548. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
549. Subs. by Act 4 of 1988, sec. 127, for “Commissioner' (w.e.f. 1-4-1988).
550. Chapter VIIB (containing sections 34AA) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).
551. Chapter VIIB (containing sections 34AB) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).
552. Subs. by Act 26 of 1988, sec. 58, for “Board” (w.e.f. 1-6-1988).
553. Chapter VIIB (containing sections 34AC) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).
554. Chapter VIIB (containing sections 34ACC) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).
555. Ins. by Act 67 of 1984, sec. 68 (w.e.f. 1-10-1984).
556. Subs. by Act 26 of 1988, sec. 59, for “to the Board” (w.e.f. 1-6-1988).
557. Chapter VIIB (containing sections 34AD) ins. by Act 45 of 1972, sec. 14 (w.e.f. 15-11-1972).
558. Subs. by Act 26 of 1988, sec. 60(a)(i), for “Board” (w.e.f. 1-6-1988).
559. Subs. by Act 26 of 1988, sec. 60(a)(ii), for “it is satisfied” (w.e.f. 1-6-1988).
560. Subs. by Act 26 of 1988, sec. 60(a)(iii), for “it thinks fit” (w.e.f. 1-6-1988).
561. Subs. by Act 26 of 1988, sec. 60(a)(i), for “Board” (w.e.f. 1-6-1988).
562. Subs. by Act 26 of 1988, sec. 60(b), for “Board” (w.e.f. 1-6-1988).
563. Ins. by Act 26 of 1988, sec. 60(c) (w.e.f. 1-6-1988).
564. Ins. by Act 26 of 1988, sec. 61 (w.e.f. 1-6-1988).
565. Sections 34B and 34C subs. by Act 41 of 1975, sec. 98, for section 34B (w.e.f. 1-10-1975). Earlier section 34B was inserted by Act 46 of 1964, sec. 31 (w.e.f. 1-4-1965).
566. Subs. by Act 4 of 1988, sec. l27, for “Wealth-tax Officer” (w.e.f. l-4-1988).
567. Sections 34B and 34C subs. by Act 41 of 1975, sec. 98, for section 34B (w.e.f. 1-10-1975). Earlier section 34B was inserted by Act 46 of 1964, sec. 31 (w.e.f. 1-4-1965).
568. Subs. by Act 4 of 1988, sec. l27, for “Wealth-tax Officer” (w.e.f. l-4-1988).
569. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
570. Ins. by Act 26 of 1988, sec. 62(a) (w.r.e.f. 1-4-1988).
571. Ins. by Act 26 of l988, sec. 62(b) (w.r.e.f. 1-4-1988).
572. Subs. by Act 46 of 1964, sec. 32, for section 35 (w.e.f. 1-4-1965).
573. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
574. Subs. by Act 27 of 1999, sec. 97, for clause (aa) (w.e.f. 1-6-1999). Earlier clasue (aa) was inserted by Act 4 of 1988, sec. 151 (w.e.f. 1-4-1989).
575. Ins. by Act 45 of 1972, sec. 15(a) (w.e.f. 1-1-1973).
576. Clause (aa) re-lettered as clause (aaa) by Act 4 of 1988, sec. 151 (w.e.f. 1-4-1989).
577. Subs. by Act 4 of 1988, sec. 160(3)(a), for clause (b) (w.e.f. 1-4-1989).
578. Subs. by Act 21 of 1998, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998).
579. Subs. by Act 21 of 1998, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1968).
580. Clause (c) omitted by Act 41 of 1975, sec. 99 (w.e.f. 1-4-1976).
581. Subs. by Act 4 of 1988, sec. 160(3)(b), for clauses (d) and (e) (w.e.f. 1-4-1988).
582. Ins. by Act 10 of 2000, sec. 76 (w.e.f. 1-6-2000). Earlier the words “or section 23A” were omitted by Act 3 of 1989, sec. 74 (w.e.f. 1-4-1989).
583. Ins. by Act 18 of 1992, sec. 97 (w.e.f. 1-4-1993).
584. Subs. by Act 45 of 1972, sec. 15(b), for “Appellate Assistant Commissioner” (w.e.f 1-1-1973).
585. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
586. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
587. Ins. by Act 45 of 1972, sec. 15(c) (w.e.f. 1-1-1973).
588. Subs. by Act 67 of 1984, sec. 69(i), for “from the date of the order passed in the first appeal or revision” (w.e.f. 1-10-1984).
589. Subs. by Act 67 of 1984, sec. 69(ii), for “from the date of the order sought to be amended” (w.e.f. 1-10-1984).
590. Ins. by Act 45 of 1972, sec. 15(d) (w.e.f. 1-1-1973).
591. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
592. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
593. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
594. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
595. Ins. by Act 67 of 1984, sec. 70 (w.e.f. 1-10-1984).
596. Ins. by Act 67 of 1984, sec. 70 (w.e.f. 1-10-1984).
597. The words “without reasonable cause or excuse” omitted by Act 46 of 1986, sec. 38(i) (w.e.f. 10-9-1986).
598. Ins. by Act 46 of 1986, sec. 38(ii) (w.e.f. 10-9-1986).
599. Ins. by Act 12 of 1990, sec. 56 (w.r.e.f. 1-4-1990).
600. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
601. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
602. Ins. by the Finance Act, 2008, sec. 65 (w.r.e.f. 1-4-2008).
603. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
604. Ins. by Act 18 of 1992, sec. 98 (w.e.f. 1-4-1993).
605. Ins. by Act 23 of 2004, sec. 65 (w.e.f. 1-10-2004).
606. Subs. by Act 26 of 1988, sec. 63, for section 35-I (w.e.f. 1-4-1989). Earlier section 35-I was inserted by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
607. Subs. by Act 49 of 1991, sec. 81(a), for sub-sections (1) and (2) (w.e.f. 1-10-1991).
608. Ins. by Act 49 of 1991, sec. 81(b) (w.r.e.f. 1-4-1989).
609. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
610. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
611. Subs. by Act 12 of 1990, sec. 57, for “the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year” (w.r.e.f. 1-4-1989). Earlier these words were substituted by Act 4 of 1988, sec. 152(a), for “an assessment year” (w.e.f. 1-4-1989).
612. Subs. by Act 4 of 1988, sec. 152(b), for “any of the Wealth-tax authorities specified in sections 8, 9, 9A, 10, 10A and 11” (w.e.f. 1-4-1989). Earlier the words “in sections 8, 9, 9A” were substituted by Act 29 of 1977, sec. 39 and Sch. V, Pt. V, for “in sections 8, 9” (w.e.f. 10-7-1978).
613. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
614. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
615. Ins. by Act 41 of 1975, sec. 100 (w.e.f. 1-10-1975).
616. Ins. by Act 46 of 1986, sec. 39 (w.e.f. 10-9-1986).
617. Ins. by Act 3 of 1989, sec. 75 (w.e.f. 1-4-1989). Earlier section 36 was amended by Act 46 of 1964, sec. 33 (w.e.f. 1-4-1965), by Act 15 of 1965, sec. 20(iv) (w.e.f. 11-9-1965), by Act 45 of 1972, sec. 16 (w.e.f. 15-11-1972) and was omitted by Act 41 of 1975, sec. 101 (w.e.f. 1-10-1975).
618. Ins. by Act 46 of 1964, sec. 34 (w.e.f. 1-4-1965).
619. Subs. by Act 46 of 1964, sec. 35, for section 37 (w.e.f. 1-4-1965).
620. Subs. by Act 45 of 1972, sec. 17(a), for “The Wealth-tax Officer” (w.e.f. 1-1-1973).
621. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
622. Subs. by Act 4 of 1988, sec. l27, for “Appellate Assistant Commissioner” (w.e.f. l-4-1988).
623. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
624. Subs. by Act 40 of 1988, sec. l27, for “Commissioner” (w.e.f. l-4-1988).
625. Subs. by Act 26 of 1988, sec. 64, for sub-section (1A) (w.e.f. 1-6-1988). Earlier sub-section (1A) was inserted by Act 4 of 1988, sec. 153(a) (w.e.f. 1-4-1989).
626. Subs. by Act 21 of 1998, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998).
627. Sub-section (2) omitted by Act 4 of 1988, sec. 153(b) (w.e.f. 1-4-1989).
628. Ins. by Act 4 of 1988, sec. 153(c)(i) (w.e.f. 1-4-1989).
629. Subs. by Act 45 of 1972, sec. 17(b), for “a Wealth-tax Officer” (w.e.f. 1-1-1973).
630. Subs. by Act 4 of 1988, sec. 127, for “a Wealth-tax Officer” (w.e.f. 1-4-1988).
631. Ins. by Act 4 of 1988, sec. 153(c)(ii) (w.e.f. 1-4-1989).
632. Subs. by Act 21 of 1998, sec. 60, for “Assistant Director” (w.e.f. 1-10-1998).
633. Subs. by Act 26 of 1988, sec. 64(b), for “the Chief Commissioner or Commissioner therefor” (w.e.f. 1-6-1988). Earlier the words “Chief Commissioner or Commissioner” were substituted by Act 4 of 1988, sec. 127, for the word “Commissioner” (w.e.f. 1-4-988).
634. Sections 37A and 37B subs. by Act 41 of 1975, sec. 102, for section 37A (w.e.f. 1-10-1975). Earlier section 37A was inserted by Act 46 of 1964, sec. 36 (w.e.f. 1-4-1965).
635. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
636. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
637. Subs. by 21 of 1988, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998). Earlier the words “Deputy Director” were substituted by Act 4 of 1988, sec. 127, for the words “Deputy Director of Inspection” (w.e.f. 1-4-1988).
638. Subs. by 21 of 1988, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, for words “Inspecting Assistant Commissioner or Inspecting Assistant Commissioner of Wealth-tax” (w.e.f. 1-4-1988).
639. Subs. by Act 4 of 1988, sec. 154(1)(a), for “any articles or things including money” (w.e.f. 1-4-1989).
640. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
641. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
642. Subs. by 21 of 1988, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998). Earlier the words “Deputy Director” were substituted by Act 4 of 1988, sec. 127, for words “Deputy Director of Inspection” (w.e.f. 1-4-1988).
643. Subs. by 21 of 1988, sec. 66, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, sec. 127, for words “Inspecting Assistant Commissioner or Inspecting Assistant Commissioner of Wealth-tax” (w.e.f. 1-4-1988).
644. Subs. by 21 of 1988, sec. 66, for “Assistant Director” (w.e.f. 1-10-1998). Earlier the words “Assistant Director” were substituted by Act 4 of 1988, sec. 127, for words “Assistant Director of Inspection” (w.e.f. 1-4-1988).
645. Subs. by Act 4 of 1988, sec. 154(1)(b), for “or Wealth-tax Officer” (w.e.f. 1-4-1989).
646. Subs. by Act 4 of 1988, sec. 154(1)(c), for “articles or things including money” (w.e.f. 1-4-1989).
647. Subs. by Act 4 of 1988, sec. 154(1)(d), for clause (iv) (w.e.f. 1-4-1989).
648. Subs. by Act 4 of 1988, sec. 154(1)(e), for “any article or things including money” (w.e.f. 1-4-1989). \
649. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f 1-4-1988).
650. Subs. by Act 4 of 1988, sec. 154(1)(f), for “section 10” (w.e.f. 1-4-1989)
651. Ins. by Act 4 of 1988, sec. 154(1)(g) (w.e.f. 1-4-1989).
652. Subs. by Act 4 of 1988, sec. 154(2)(a), for “articles or things including money” (w.e.f. 1-4-1989).
653. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
654. Subs. by Act 21 of 1998, sec. 60, for “Deputy Director” (w.e.f. 1-10-1998). Earlier the words “Deputy Director” were substituted by Act 4 of 1988 Sec. 127, for “Deputy Director of Inspection” (w.e.f. 1-4-1988).
655. Subs. by Act 21 of 1998, sec. 60, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, sec. 127, for “Inspecting Assistant Commissioner” (w.e.f. 1-4-1988).
656. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f 1-4-1988).
657. Subs. by Act 4 of 1988, sec. 154(2)(b), for “section 10” (w.e.f. 1-4-1989).
658. Ins. by Act 4 of 1988, sec. 154(3) (w.e.f. 1-4-1989).
659. Ins. by Act 4 of 1988, sec. 154(4) (w.e.f. 1-4-1989).
660. Ins. by Act 4 of 1988, sec. 154(5) (w.e.f. 1-4-1989).
661. Subs. by Act 4 of 1988, sec. 27, for “Commissioner” (w.e.f. 1-4-1988).
662. Ins. by Act 4 of 1988, sec. 154(6) (w.e.f. 1-4-1989).
663. Subs. by Act 49 of 1991, sec. 82, for “Chief Commissioners or Commissioner” (w.e.f. 1-10-1991).
664. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
665. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
666. Ins. by Act 4 of 1988, sec. 154(7) (w.e.f. 1-4-1989)
667. Subs. by Act 4 of 1988, sec. 154(8), for sub-section (10) (w.e.f. 1-4-1989).
668. Ins. by Act 4 of 1988, sec. 154(9) (w.e.f. 1-4-1989).
669. Sections 37A and 37B subs. by Act 41 of 1975, sec. 102, for section 37A (w.e.f. 1-10-1975).
670. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
671. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
672. Subs. by Act 4 of 1988, sec. 155(a)(i), for “any articles or things including money” (w.e.f. 1-4-1989).
673. Subs. by Act 4 of 1988, sec. 127, for “Director of Inspection” (w.e.f. 1-4-1988).
674. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
675. Subs. by Act 21 of 1998, sec. 60, for “Deputy Director” (w.e.f. 1-10-1998). Earlier the words “Deputy Director” were substituted by Act 4 of 1988, sec. 127, for the words “Deputy Director of Inspection” (w.e.f. 1-4-1988).
676. Subs. by Act 21 of 1998, sec. 60, for “Deputy Commissioner” (w.e.f. 1-10-1998). Earlier the words “Deputy Commissioner” were substituted by Act 4 of 1988, sec. 127, for the words “Inspecting Assistant Commissioner” (w.e.f. 1-4-1988).
677. Subs. by 21 of 1998, sec. 66, for “Deputy Director” (w.e.f. 1-10-1998). Earlier the words “Deputy Director” were substituted by Act 4 of 1988, sec. 127, for the words “Deputy Director of Inspection” (w.e.f. 1-4-1988).
678. Subs. by Act 4 of 1988, sec. 155(a)(ii), for “or Wealth-tax Officer” (w.e.f. 1-4-1989).
679. Subs. by Act 4 of 1988, sec. 155(a)(iii), for clauses (i) and (ii) (w.e.f. 1-4-1989).
680. Subs. by Act 4 of 1988, sec. 155(b), for clauses (i) and (ii) (w.e.f. 1-4-1989).
681. Subs. by Act 4 of 1988, sec. 155(c), for sub-section (3) (w.e.f. 1-4-1989).
682. Ins. by Act 4 of 1988, sec. 156 (w.e.f. 1-4-1989).
683. Subs. by Act 4 of 1988, sec. 157(a), for “Where for the purposes of determining the wealth-tax payable by any person” (w.e.f. 1-4-1989).
684. Subs. by Act 4 of 1988, sec. 157(b), for “Wealth-tax Officer” (w.e.f. 1-4-1989).
685. Ins. by Act 4 of 1988, sec. 157(c) (w.e.f. 1-4-1989).
686. Ins. by Act 45 of 1972, sec. 18 (w.e.f. 15-11-1972).
687. Ins. by Act 46 of 1964, sec. 37 (w.e.f. 1-4-1965).
688. Subs. by Act 3 of 1989, sec. 76, for “and in the case of any other associations of persons” (w.e.f. 1-4-1989).
689. Ins. by Act 46 of 1964, sec. 38 (w.e.f. 1-4-1965).
690. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).
691. Ins. by Act 16 of 1981, sec. 31 (w.r.e.f. 1-4-1981).
692. Ins. by Finance Act, 2008, sec. 66 (w.r.e.f. 1-4-2008). Earlier section 42 relating to ‘Prohibition of disclosure of information’ was repealed by the Finance Act, 1964 (5 of 1964), sec. 50(b) (w.r.e.f. 1-4-1964).
693. Subs. by Act 5 of 1964, sec. 50(c), for section 42A (w.e.f. 1-4-1964). Earlier section 42A was inserted by Act 28 of 1960, sec. 11 (w.e.f. 1-4-1960).
694. Ins. by Act 41 of 1975, sec. 103(i) (w.e.f. 1-10-1975).
695. Subs. by Act 41 of 1975, sec. 103(ii), for sub-section (2) (w.e.f. 1-10-1975).
696. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
697. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
698. Ins. by Act 3 of 1989, sec. 77 (w.e.f. 1-4-1989).
699. Subs. by Act 5 of 1964, sec. 50(c), for section 42B (w.e.f. 1-4-1964). Earlier section 42B was inserted by Act 28 of 1960, sec. 11 (w.r.e.f. 1-4-1960).
700. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
701. Ins. by Act 41 of 1975, sec. 104 (w.e.f. 1-10-1975).
702. Ins. by Finance Act, 2007, sec. 93 (w.r.e.f. 1-10-1975).
703. Section 42D re-numbered as sub-section (1) thereof by the Finance Act, 2008, sec. 67 (w.r.e.f. 1-4-2008).
704. Ins. by the Finance Act, 2008, sec. 67 (w.r.e.f. 1-10-1975).
705. Subs. by Act 26 of 1988, sec. 65, for “any order made” (w.r.e.f. 1-3-1988). Earlier the words ”any order made” were substituted by Act 11 of 1987, sec. 89, for the words “any assessment made” (w.r.e.f. 1-3-1987).
706. Ins. by Act 5 of 1964, sec. 50(d) (w.r.e.f. 1-4-1964).
707. Subs. by Act 46 of 1964, sec. 39, for section 44 (w.e.f. 1-4-1965).
708. Subs. by Act 4 of 1988, sec. 127, for “Commissioner” (w.e.f. 1-4-1988).
709. Ins. by Act 46 of 1964, sec. 39 (w.e.f. 1-4-1965 ).
710. Subs. by Act 16 of 1972, sec. 49, for certain words (w.e.f. 1-4-1972).
711. Ins. by Act 46 of 1964, sec. 39 (w.e.f. 1-4-1965 ).
712. Ins. by Act 42 of 1970, sec. 65 (w.e.f. 1-4-1971).
713. Ins. by Act 42 of 1970, sec. 65 (w.e.f. 1-4-1971).
714. Subs. by Act 16 of 1972, sec. 50(a), for “The provisions of this Act shall not apply to—” (w.e.f. 1-4-1972).
715. Clauses (a) to (e) omitted by Act 18 of 1992, sec. 99(a) (w.e.f. 1-4-1993).
716. Ins. by Act 16 of 1972, sec. 50(b) (w.r.e.f. 1-4-1957).
717. Subs. by Act 18 of 1992, sec. 99(b), for clause (h) (w.e.f. 1-4-1993). Earlier clause (h) was inserted by Act 25 of 1975, sec. 28 (w.r.e.f. 1-4-1957).
718. Ins. by Act 29 of 1978, sec. 3 (w.e.f. 1-4-1979).
719. Ins. by Act 4 of 1988, sec. 158 (w.e.f. 1-4-1989).
720. Ins. by Act 16 of 1972, sec. 51 (w.e.f. 1-4-1972).
721. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).
722. Ins. by Act 29 of 1977, sec. 39 and Sch. V (w.e.f. 10-7-1978).
723. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer’ (w.e.f. 1-4-1988).
724. Ins. by Act 42 of 1970, sec. 66 (w.e.f. 1-4-1971).
725. Subs. by Act 45 of 1972, sec. 19, for clause (e) (w.e.f. 15-11-1972).
726. Subs. by Act 26 of 1974, sec. 17, for sub-section (3) (w.e.f. 18-8-1974).
727. Subs. by Act 46 of 1964, sec. 40, for sub-section (4) (w.e.f. 1-4-1965).
728. Ins. by Act 32 of 1994, sec. 53 (w.e.f. 1-6-1994).
729. Subs. by Act 41 of 1975, sec. 105(i) for “or in two successive sessions” (w.e.f. 1-4-1976).
730. Subs. by Act 41 of 1975, sec. 105(ii), for “in which it is so laid or the session immediately following” (w.e.f. 1-4-1976).
731. Ins. by Act 3 of 1963, sec. 3 (w.e.f. 1-4-1963).
732. Ins. by Act 4 of 1988, sec. 159 (w.e.f. 1-4-1988).