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2019 (12) TMI 603 - AT - Wealth-taxWealth tax assessment - notice has not been issued within the time limit prescribed as per the act - HELD THAT:- Provisions of section 42 of the act saves only validly issued notices within the time limit, if, not served upon the assessee, not served upon him in time and served upon him in an improper manner, if not objected before WTO. Notice itself has been issued beyond the time prescribed u/s 16(2) of the Wealth Tax Act. Thus, according to us the provision of section 42 does not apply to a situation where the notice has not been issued within the time limit prescribed as per the act. The ld CWT (A) has erred in invoking of provisions of section 42 of the WT Act to such notice, which has been issued beyond the time limit prescribed u/s 16(2) of the WT Act. Accordingly, we hold that as the ld Wealth Tax Officer has failed to issue the notice u/s 16(2) on or before 30.08.2012 but issued on 13.09.2012, is invalid and consequently wealth tax assessment order passed on the assessee cannot be sustained, hence, quashed. Accordingly, ground No. 1 of the appeal of the assessee is allowed.
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