Law: Wealth Tax Act, 1957

Section: 27(1),17A,42C,16A

Law: Income Tax Act, 1961

Section: 143(3)

Law: Wealth Tax Rules, 1957

Section: 1BB

(a) Wealth tax-- ---- Net wealth---Assessment---Assessment of net wealth as well as determination of sum payable on basis of such assessment---Incumbent upon Assessing Officer to make order in writing on both aspects---Order must bear signature of Assessing Officer---Signature includes initials of Assessing Officer---Incumbent upon Assessing Officer to put his signature on assessment of wealth as well as determination of sum payable as tax---Indian Wealth Tax Act, 1957, S.16. (b) Wealth tax--- ----Assessment---Limitation---Assessment order for assessment years 1967-68 to 1974-75 passed on 20-3-1978---Demand notice issued on 17-4-1979--­Computation sheets prepared on 30-3-1979, but did not bear signature of W.T.O.---No determination of tax payable as shown in forms on 30-3-1979-­Determination of wealth tax took place` on 17-4-1979, when demand notice was signed by W.T.O.---Time-limit for making assessments expired on 31-3-1979---Assessment barred by limitation---Section 42C cannot be applied---Indian Wealth Tax Act, 1957, Ss. 17A & 42C. (c) Wealth tax--- ---- Valuation of house---Rule 1 BB providing for method of valuation---Is a rule of evidence---Rule is procedural and not substantive---Applicable to all pending proceedings pending on April 1, 1979, when rule came into force--­Indian Wealth Tax Rules, 1957, R. 1BB. In cases of regular assessment of wealth made under section,16(3) of the Wealth Tax Act, 1957, the Assessing Officer after taking into account all the relevant material which he may have gathered has to make an order in writing, for assessing the net wealth of the assessee and to determine the sum payable on the basis of such assessment. It is incumbent upon the Assessing officer to make an order in writing on both the aspect, i.e., assessment of net wealth of the assesee as well as determination of the suet payable by to on the basis of such assessment. An order made under a statutory provision by an authority empowered to make it in writing must necessarily hear the signature of such authority to authenticate that the order was in fact made by concerned authority. The word "signature" is wide enough to include the initials of a person.…

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