W.T.A. NO. 1338/LB OF 2000, DECIDED versus W.T.A. NO. 1338/LB OF 2000, DECIDED
The Finance Act 1991 Section 12 (1) (9) (10) Wealth Tax Act (XV of 1963), Section 17A provided for the assessment of the extent of taxation of corporate assets that prohibited the assessment of corporate asset tax. In contravention of the provisions of Section 17A of the Wealth Tax Act, 1963, the valid terms of Section 17A of the Financial Tax Act, 1963 were not applicable to the corporate assets tax as nothing was imported beyond the purposes of the Legislature. There is no obligation to declare it. All the provisions of the Financial Tax Act were applied to assessments under the Corporate Assets Taxes when it was specifically mentioned some times in Sections 12 (9) and (10) of the Finance Act, 1991 on the processing of corporate assets. No other provisions can be applied. The provision of tax was quite unnecessary under the Finance Act 1991 for assessment as it was a one-time imposition and was not charged every year. No limitation in assessing under the Core Asset Tax was provided, therefore,
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