Law: Wealth Tax Act, (XV of 1963)

Section: 14,14(2),16,17,17(1)(b),16(5)

(a) Wealth Tax Act (XV of 1963)--- ----S.17---Wealth escaping assessment---Limitation---Notice under S.17.(1)(a) of the Wealth Tax Act, 1963 could be issued within a period of 5 years from the close of financial year in question---Notices issued on 31-7-1994 for the assessment years 1986-87, 1987-88 and 1988-89 were hit by limitation as such notices could be issued by 30-6-1992, 30-6-1993 and 30-6-1994 respectively. (b) Wealth Tax Act (XV of 1963)--- ----Ss. 17 & 16(5)---Wealth escaping assessment---Notices under S.17 of the Wealth Tax Act, 1963 were issued calling for returns---Opportunities were given to the assessees to file returns---Non-compliance--­Assessment was finalized under S.16(5) of the Wealth Tax Act, 1963--­Assessee contended that S.16 of the Act governs assessment proceedings only in those cases where returns had been filed under S.14 of the Wealth Tax Act, 1963 and not where the return of net wealth was filed under S.17 of the Wealth Tax Act, 1963---Assessment should have been finalized under S.17 of the Wealth Tax Act, 1963---Validity--­Assessment under Wealth Tax Act, 1963, whether current assessment or arrear assessment, was governed by the provision of S.16 of the Wealth Tax Act, 1963---Section 17 of the Wealth Tax Act, 1963 was relevant only for the purpose of calling of return of net wealth where escapement/ under-assessment or assessment at too low a rate was detected---When provisions of S.17 were invoked, the provisions of Wealth Tax Act, 1963 so far as might, were to be applied as if the notice had been issued under S.14(2) of the Wealth Tax Act, 1963---Assessment of net wealth pursuant to issuance of notice under S.17 was also governed by the provision of S.16 of the Wealth Tax Act, 1963. (c) Wealth Tax Act (XV of 1963)--- ----S.17---Wealth escaping assessment---Definite information---"Any information"--Connotation---Scope--Issuance of notice--Section 17(1)(b) of the Wealth Tax Act, 1963 stipulates that notice under S.17 might be issued in consequence of "any information" in the Assessing Officer's possession indicating that assessee's net wealth chargeable to tax had escaped assessment for any year whether by reason of…

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