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TMI BlogRecommendations of the Seventh Finance Commission.X X X X Extracts X X X X X X X X Extracts X X X X ..... te from this property as certified by the Comptroller & Auditor General of India]. 2. The Finance Commission has recommended "that the net proceeds of estate duty in respect of property other than agricultural land brought to assessment in each of the years from 1979-80 to 1983-84, should be distributed among the States in proportion to the gross value of the immovable property as also property other than immovable property taken together located in each State, excepting in regard to property located abroad. We have noticed, in the Statistics furnished by the Central Board of Direct Taxes, that there is a small element of duty collected in respect of property held abroad. We recommend that this element of the net proceeds of the duty in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... meantime shall have to collect the relevant information during the course of assessment proceedings. 5. You are requested to issue suitable instructions to all the assessing officers in your Charge so as to fully provide for the following: (i) The Assistant Controllers should maintain a State-wise register regarding the details of movable and immovable properties brought into assessment each year. A format (Annexure A) of the entries to be made in the register is enclosed herewith. Instructions should also be issued to the assessing officers to the effect that the assessment order should contain complete details regarding the gross value of immovable and movable properties and their location in different States and that entries in the ab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... end of the quarter with your comments/remarks, wherever necessary. The Statement for the quarter ending 30.6.1979, however, which would normally be due in the office of DI(RS&P) by 31st July may reach by 15.8.1979. [It may be clarified that though strictly according to the recommendations of the Finance Commission, the gross value of agricultural lands is not required to be determined, it has been decided that columns reflecting the same in the formats of the Register and Statements mentioned in (i) and (ii) above, should be maintained for statistical purpose in view of the fact that this information has very often to be supplied to Parliament and other high-powered bodies] (iii) Regarding the interpretation of the term "gross value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... whether it would be possible to determine the location of properties other than immovable property subjected to estate duty. We find that the rules framed under the Estate Duty Act lay down the manner in which properties other than immovable property which are held abroad, should be treated for the purpose determining location. These are principles which are well established and can equally be applied for the determination of the location of such properties in India". 6. Since the Government has already accepted the recommendations of the Seventh Finance Commission, the Board have no option but to re-condition the existing machinery to the extent necessary, so as to be to fulfill the same pertaining to estate duty. You are, therefore, req ..... X X X X Extracts X X X X X X X X Extracts X X X X
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