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TMI BlogDefinitionsX X X X Extracts X X X X X X X X Extracts X X X X ..... r] Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;] 6[(cb)] assessment includes reassessment ; (d) assessment year means a period of twelve months commencing on the 1st day of April, every year ;]] 7[8(e) 9"assets" includes property of every description, movable or immovable, but does not include, (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year (i) agricultural land and growing crops, grass or standing trees on such land ; (ii) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling house or a store-house or an out-house; (iii) animals; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any port ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceiver of rent or revenue by reason of his connection with the land requires as store-house or for keeping livestock; (c) animals;:] 15[16[17[Provided also] that] in relation to the State of Jammu and Kashmir, this sub-clause shall have effect subject to the modification that for the assets specified in 18[item (i)] of this sub-clause, the assets specified in 19[items (i) to (iii)] of sub-clause (1) shall be substituted and the other provisions of this Act shall be construed accordingly;] 20[(ea) "assets", in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means 21[(i) any building or land appurtenant thereto (hereinafter referred to as house), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ne lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh, but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him. Explanation.-For the purposes of clause (b) of Explanation 1, "population" means the population according to the last preceding census of which the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o) principal officer, used with reference to a company, means the secretary, manager, managing agent or managing director of the company, and includes any person connected with the management of the affairs of the company upon whom the 45[Assessing Officer] has served a notice of his intention of treating him as the principal officer thereof ; 46[(oa) public servant47 has the same meaning as in section 21 of the Indian Penal Code (45 of 1860);] 48[(oaa) registered valuer means a person registered as a valuer under section 34AB;] 49[(ob) regular assessment means the assessment made under 50[sub-section (3) or sub-section (5) of section 16;] (p) "Ruler"51 means a Ruler as defined in clause (22) of article 366 of the Constitution; (q) valuation date, in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in 52[section 3] of the Income-tax Act, if an assessment were to be made under that Act for that year : 53[Provided that (i) 54[***] (ii) in the case of a person who is not an assessee within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 007, w.r.e.f. 1-10-1996. 6. Re-lettered by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988. 7. Substituted vide Finance Act, 1969, w.e.f. 1-4-1969. 8. For wealth-tax assessment in respect of property left in earthwhile East Pakistan, after Indo-Pak Conflict of 1965, see also Circular No. 547, dated 18-10-1989. For details, see Referencer. 9. See also Circular No. 222, dated 10-6-1977, Circular No. 385, dated 3-7-1984, Circular No. 2-D(WT) of 1960, dated 26-2-1960, Circular No. 2(WT) of 1968, dated 16-3-1968, Circular No. 17, dated 10-6-1969 and Letter F. No. 326/1/72-WT, dated 17-6-1972. For details, Referencer. 10. Inserted vide Finance Act, 1992, w.e.f. 1-4-1993. 11. Inserted vide finance act, 1974, w.e.f. 1-4-1975. 12. Substituted vide Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 13. Substituted vide Finance Act, 1982, w.e.f. 1-4-1983., before it was read as:- "or any subsequent year" 14. inserted Finance Act, 1982, w.e.f. 1-4-1983., 15. Inserted vide Finance Act, 1970, with retrospective effect from 1-4-1969. 16. Substituted vide Finance (No.2) Act, 1980, w.e.f. 1-4-1981., before it was read as:- "Provided that" 17. S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ause (gg) omitted vide Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (gg), as inserted by the Finance (No.2) Act, 1977, w.e.f. 10-7-1978, stood as under: "(gg) "Commissioner (Appeals)" means a person empowered to exercise the functions of a Commissioner of Wealth-tax (Appeals) under section 9A;" 30. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Clause (h) was first substituted, amplified and amended by the Finance Act, 1958, with retrospective effect from 1-4-1957, then by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963, then by the Finance (No. 2) Act, 1967, with retrospective effect from 1-4-1957, and then by the Finance Act, 1975, w.e.f. 1-4-1975. Immediately before its substitution by the Amendment Act, 1987, it stood as under: "(h) "company" means a company formed and registered under the Companies Act, 1956(1 of 1956), and includes- (i) a company formed and registered under any law relating to companies formerly in force in any part of India; (ii) a corporation established by or under a Central, State or Provincial Act; (iii) any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963 stood as under: "(l) "Inspecting Assistant Commissioner of Wealth-tax" means a person empowered to exercise the functions of an Inspecting Assistant Commissioner of Wealth-tax under section 11;" 38. Clause (la) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (la), as inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 stood as under: "(la) "Inspector of Wealth-tax" means an Inspector of Income-tax empowered to work as an Inspector of Wealth-tax under section 11A." 39. Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 40. Clause (11 of section 2 of the Code of Civil Procedure defines "legal representative" as follows: "(11) "legal representative" means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character the person on whom the estate devolves on the death of the party so suing or sued;" 41. Inserted vide Direct Tax Laws ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e.f. 1-4-1988., before it was read as:- "Wealth-tax Officer" 46. Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 47. For definition "public servant" under section 21 of the Indian Penal Code; See Appendix. 48. Inserted vide Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972. 49. Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 50. Substituted vide Finance Act, 1990, w.r.e.f. 1-4-1989., before it was read as:- "section 16" 51. Clause (22) of article 366 of the Constitution defines "Ruler" as follows: '(22) "Ruler" means the Prince, Chief or other person who, at any time before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, was recognised by the President as the Ruler of an Indian State or any person who, at any time before such commencement, was recognised by the President as the successor of such Ruler." 52. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965., before it was read as:- "clause (11) of section 2" 53. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965., 54. Omitted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, before it was omission clause (i) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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