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Rule 1-D of the Wealth -Tax Rules. - Income Tax - 1138/CBDTExtract INSTRUCTION NO. 1138/CBDT Dated : January 13, 1978 Section(s) Referred: Rule 1D of W.T.Rules Statute: Wealth Tax Act, 1957 Attention is invited to para 3 of the Board's letter F.NO.326/14/74-WT dated 25th February, 1974 wherein it has been clearly stated that Wealth-tax Officers should be instructed not to exclude from the net wealth of assessees, the value of shares held in Companies having agricultural assets or to exclude such assets while computing the valuation of the shares in terms of Rule 1-D of the W.T.Rules. 2. An instance has come to the Board's notice where inspite of clear instructions to the above effect, the Wealth Tax Officer wrongly excluded the value of shares held by the assessee in a company running an agricultural and study farm, from his net wealth on the assumption that these shares constituted agricultural assets. 3. The Board desire that instructions may be issued again to the field officers bringing to their notice the correct legal position so that such lapses do not recur in future.
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