W.T.AS. NOS. 265/LB, 264/LB, 155/LB AND 156/LB OF 2002, DECIDED ON 21ST AUGUST, 2002. versus W.T.AS. NOS. 265/LB, 264/LB, 155/LB AND 156/LB OF 2002, DECIDED ON 21ST AUGUST, 2002.
Wealth Tax Act 1963 Second Schedule, CL12 (2) The Association of Persons with Purchase of Waivers was rejected by the Waiver Assessing Officer because the business is being done by the Association Personnel as a Scam Member / Partner. And not solely the assessee who was sole proprietor of the shop, the First Appellate Authority directed that the claim of exemption from the shop be allowed to the extent of 50% under total 12 (2) of the Wealth Tax Act 1963 Allow and add the remaining 50% of the value to the taxable money The first appellate authority's legitimate order allows a waiver of up to 50% of the exemption value The appellate tribunal upheld the injunction because the aforesaid cover was used by the appellant / reviewer for the same reason. Easy came under the 12 (2) of the Wealth Tax Act, 1963, but it was not in accordance with R8 (3) as far as the procedure for setting up shop prices was concerned. The Wealth Tax Roll, 1963, was vacated and the Assessing Officer was instructed to determine the gross annual value of the store for its value.
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