Wealth Tax Act, 1957

S.17 : Wealth escaping assessment – Reassessment — Concealment of assets or furnishing of inaccurate particulars — Penalty —Provisions in pari materia with provisions of Income-Tax Act, 1961 —Law laid down by Supreme Court in Income-tax Matter is applicable to wealth tax proceedings – Natter remanded to pass speaking order . [ S.17(1), 18(1)(c), ITAct , S.147, Art , 226 ]

Wealth-Tax Act, 1957

S. 7 : Value of assets – Assets seized – Possession of revenue Authorities — Value of assets cannot be included in net wealth- The court directed that the Department shall forthwith release 85,617 grams of gold, jewellery, cash and other valuable articles as per the panchanama and hand it over to the petitioners being the legal heirs of the assessee [ S.7(1) , ITAct , S.132 ]

The Direct Tax Vivad Se Vishwas Act, 2020.

S. 4 : Filing of declaration and particulars to be furnished – Appeal with drawn as dismissed – Liberty is given to restore appeal in event ultimate decision to be taken on declaration filed was in favour of assessee. [ S.260A ]

Direct Tax Vivad Se Vishwas Act, 2020

S. 4: Filing of declaration and particulars to be furnished – Liberty is given to restore the appeal . [ S.28(va), 260A ]

Securities Transaction Tax (STT) Finance (No. 2) Act, 2004

S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]

Securities Transaction Tax (STT) Finance (No. 2) Act, 2004

S. 105 :Penalty for failure to collect or pay securities transaction tax – Penalty not to be imposed inn certain cases – No penalty shall be imposed on assessee for having failed to collect Securities Transaction Tax (STT) or having collected, failed to pay such STT to credit of Central Government without providing it a reasonable opportunity to prove that there was reasonable cause for such failure [ S.108 ]

Wealth tax- Act , 1957

S.7: Value of assets – Land – Valuation date – Land sold subsequently for which agreement was entered in to before valuation date – Justified in taking the value on the basis of sale value [ S. 2(q), 27A, Urban Land (Ceiling and Regulation ) Act 1976 ]