732/CBDT. - Income Tax - 732/CBDT

INSTRUCTION NO. 732/CBDT Dated : August 8, 1974 Attention is invited to Board's Instruction no. 328 dated the 25th September 1971 issued from F. No. 328/56/71-WT in which it was desired that it should immediately, be impressed upon all Wealth-tax Officers that they should ensure that additional Wealth-tax on urban property is duly levied in the appropriate cases. 2. Inspite of the above instructions, a large number of cases have come to the notice of the Board in which additional Wealth-tax has been omitted to be levied or has been levied incorrectly. At page 20 of the C AG's Report for 1972-73 the number of such cases where the above mistakes were detected was 50 involving Wealth-tax of Rs. 2.57 lakhs, during the period 1-9-72 to 31-3-73. 3. It appears to the Board that the failure to levy additional Wealth-tax arises in a large number of cases because of lack of any clear indication in the assessment order about the total value of assets on which additional Wealth-tax is to be levied, and it might help in checking the omission to levy additional Wealth-tax if the Wealth-tax Officers were to indicate, in the body of the assessment order, the total value of assets on which additional Wealth-tax is to be charged. 4. The Board, therefore, desire that if in any case additional Wealth-tax is leviable, the Wealth-tax Officer should invariably indicate in the assessment order the total value of the urban assets on which additional Wealth-tax is leviable. 5. This may be brought to the notice of the assessing officers for careful compliance.