Wealth Tax Act - Instruction relating to assessees of J&K in consequence of upholding of extension of WT Act to J&K by Supreme Court.

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..... ashmir as ultra-vires. However, the Supreme Court in its judgment dated 4.2.93 has reversed this decision of the High Court and has upheld the validity of extension of the Wealth Tax Act to the State of Jammu Kashmir. 2. After the judgment of the Jammu Kashmir High Court, some assessees, though assessable to wealth tax, did not file their returns of Wealth and no assessments could be made in .....

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..... esent whereabouts of the assessee is not available, demands can also be considered for write-off by following the existing procedure liberally. 4. The Board has also taken following further decisions: (i) In cases where interest under section 31(2) of the Wealth tax Act has been levied/has become chargeable for non payment of outstanding demand, such interest shall be waived by invoking provis .....

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..... ing to the period from 19.4.83 to 4.2.93 should be cancelled, reduced by exercise of powers given by section 25(1) of the Wealth tax Act by following the procedure detailed at (ii) above. (iv) There may be some cases where proceedings for imposition of penalties under section 18 of the Wealth tax Act or section 221 of the Income tax Act read with section 32 of the Wealth tax Act have already bee .....

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