Law: Wealth Tax Act, (XV of 1963)

Section: 31B(1)(b)

Wealth Tax Act (XV of 1963)---S. 31B(1)(b)---Additional Wealth Tax---Stay application against outstanding demand on the ground that rectification applications have been filed against restoring the additional tax charged for the period from the due date till the framing of assessments whereas under the provisions of S. 31B(1)(b) of the Wealth Tax Act, 1963 such tax was chargeable only for the period till the end of the relevant assessment year---Validity---Additional tax should have been charged in the light of proviso to S. 31B(1)(b) of the Wealth Tax Act, 1963---Prima facie the calculation of additional tax did not appear to be correct---Final position of the matter will be determined at the time of hearing of rectification application---Assessee's request for grant of stay in respect of excess amount of additional tax having not been charged in accordance with the provisions of S. 31B(1)(b) of the Wealth Tax Act, 1963, was accepted by the Appellate Tribunal with the direction that calculation of additional tax should be made keeping in view the provisions of S. 31B(1)(b) of the Wealth Tax Act, 1963 as well as the case law---Balance demand of additional tax was stayed for a period of two months or decision of miscellaneous application for rectification whichever was earlier. 2002 PTD (Trib) 221 rel. ORDER These stay applications have been filed by the assessee stating that following tax demand is outstanding against him:--- Assessment years Amount of Tax 1994-95 Rs.1,101,358 1995-96 Rs.2,593,158 1996-97 Rs.2,339,840 1997-98 Rs.4,078,871 1998-99 Rs.3,815,009 1999-2000 Rs.3,555,184 2000-2001 Rs.3,294,759 It has been stated that the appeals regarding the assessments of wealth tax framed for the above mentioned assessment years were decided by the Tribunal vide combined order dated 29-2-2008. However it has been stated that rectification has been filed before the Tribunal which is pending. It has also been stated that the rectification applications have been filed mainly on the ground that the Tribunal erred in restoring the additional tax charged for the period from the due date till the framing of assessments whereas under the provisions of section 31B(1)(b) it…

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