Law: Wealth Tax Act, (XV of 1963)

Section: 2(5)(ii),17(1)(a)(b),17A(2)(b),14(1)

(a) Wealth Tax Act (XV of 1963)--- ----S. 2(5)(ii)---Assets---Assessment of property in the hands of association of persons- --On the basis of departmental records pertaining to income-tax, it stood established that association of persons was holding the property for the business of letting it out---Such an asset in the hands of association of persons was taxable in view of the provision of S.2(5)(ii) of the Wealth Tax Act, 1963 and the Explanation attached thereto. (b) Wealth Tax Act (XV of 1963)--- ----Ss. 17(1)(a)(b), 17A(2)(b) & 14---Wealth escaping assessment--­Limitation for completion of assessment and re-assessment ---Assessee contended that no notice under S.14 of the Wealth Tax Act, 1963 could be served beyond 4 years from the relevant assessment year and no assessment could be made under S.16 of the Wealth Tax Act, 1963 after expiry of 4 years from the end of the relevant assessment year as provided under S.17A(1)(b) of the Wealth Tax Act, 1963---Validity--­Assessee was required under the law to submit a return of net wealth under S.14 of the Wealth. Tax Act, 1963---By reason of its omission or failure on the part of the assessee to make a return of its net wealth under S.14 of the Wealth Tax Act, 1963, a notice under S.17(1)(a) and not under S.17(1)(b) of the Wealth Tax Act, 1963 was to be served by the Assessing Officer and such a notice could be served within 5 years from the end of the relevant assessment year and the assessment could be completed within two years from the end of the assessment year in which notice under S.17(1)(a) was served, as provided in S.17A(2)(b) of the Wealth Tax Act, 1963---Assessnient proceedings initiated and completed were not barred by time. (c) Wealth Tax Act (XV of 1963)--- ----S. 17, proviso---Wealth escaping assessment---Issuance of notice--­Approval from Inspecting Additional Commissioner---Definite informa­tion ---Assessee contended that for the issuance of notice under S.17 of the Wealth Tax Act, 1963, approval from Inspecting Additional Commissioner was essential notwithstanding the use of word "or" in the proviso to S.17 of the Act which needed to be read as "and" ---Validity--­Word "information" had…

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