TMI BlogAssessment when assets are held by certain associations of personsX X X X Extracts X X X X X X X X Extracts X X X X ..... y 2 [or society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India], and the individual shares of the members of the said association in the income or assets or both of the said association on the date of its formation or at any time thereafter are indeterminate or unknown, the wealth-tax shall be levied u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (3) Without prejudice to the generality of the provisions of sub-section (2), if the 5 [Assessing Officer] or the 6 [Deputy Commissioner (Appeals)] or the Commissioner (Appeals) in the course of any proceedings under this Act in respect of any such association of persons as is referred to in sub-section (1) is satisfied that the association of persons was guilty of any of the acts speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceedings stood at the time of such discontinuance or dissolution, and all the provisions of this Act shall, so far as may be, apply accordingly. 7 Explanation . [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.] ----------------------------- Notes:- 1. Inserted vide the Finance Act, 1981, w.e.f. 1-4-1981. 2. Inserted vide the Finance Act, 1989, w.e.f. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tained in section 5, in computing the net wealth for the purposes of this section in any case, any assets referred to in clauses ( xv ), ( xvi ), ( xxii ), (xxiii), (xxiv), ( xxv ), ( xxvi ), ( xxvii ), ( xxviii ) and ( xxix ) of sub-section (1) of that section shall not be excluded." - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Managem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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