wealth tax - moment at which computation is to be made

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..... ion date is in excess of the aggregate value all the debts owed by him on the valuation date. Valuation date is defined in section 2(q) to mean in relation to any assessment year, the last day of the previous year/last day of the last of the previous year, as defined in the I.T.Act in the case of Income-tax assessees and 31st day of March immediately preceding the assessment year in the case of ot .....

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..... y well with the legislatures selecting the last date of the previous year for assessing the net wealth. 3. This decision has been accepted by the Board. The Wealth-tax Officers may, therefore be instructed to take into account the net wealth at the last moment of the valuation date for the purpose of wealth-tax assessments. The only exception to this principle is the provision contained in secti .....

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