Section 147 - Insertion of new section 23A - Direct Tax Laws (Amendment) Act, 1987

147. Insertion of new section 23A. After section 23 of the Wealth-tax Act. the following section shall be inserted, namely :- 23A Application by the assessee in certain cases. (1) Where before furnishing a return of net wealth under sub-section (1) of section 14 or section 15 or sub-section (4) of section 16 for any assessment year, any question arises as to whether,- (a) any wealth is includible or not in computing the net wealth (hereafter in this section referred to as the disputed wealth), or (b) any exemption or deduction is admissible or not in computing the net wealth (hereafter in this section referred to as the disputed deduction), the assessee shall after furnishing such return, make an application under sub-section (2): Provided that the assessee, - (i) shall include in such return the disputed wealth and shall not claim the disputed deduction; and (ii) shall also pay thirty per cent. of the tax due on the disputed wealth and in respect of the amount of disputed deduction. (2) The application under sub-section (1) may be made within thirty days of furnishing the aforesaid return, to the Deputy Commissioner (Appeals) or, as the case may be, to the Commissioner (Appeals). (3) For the purpose of disposing of an application under sub- section (1), the Deputy Commissioner (Appeals) or, as the case may be, the Commissioner (Appeals) may - (a) conduct such inquiry or call for such books of account, other documents or information which he deems necessary; or (b) direct the Assessing Officer to conduct such Inquiry and furnish the report thereon, and thereafter decide the question raised in the application and pass such orders thereon as he thinks fit. (4) The provisions relating to filing of appeals under this Act shall, so far as may be, apply to the making of an application under this section as if such application were an appeal. .