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2012 (2) TMI 106 - HC - Wealth-taxWealth Tax - taxability of net wealth of AOP charge u/s 21AA of Wealth Tax Act, 1957 inserted w.e.f. 01.04.89 - A.Y. 1988-89, 1989-1990 Held that:- S.21AA only ropes in an AOP for being assessed under the Wealth Tax Act but subject to the rider that its members should have the income or assets or both of the association on the date of its formation or at any time thereafter. Since in present case, second condition is not satisfied the assessee cannot be considered as falling within the ambit of S.21AA of the Act. Further, Circular No. 508 dated 29.06.1981 effects that company or a cooperative society or a society registered under the Societies Registration Act are outside the preview and ambit of Section 21AA. Cancellation of assessment by Tribunal is upheld for both the A.Y.s Decided against the Revenue.
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