Dismissing the appeal of the assessee the Court held that ; since the assessments were made for the first time, they were \u201cregular assessments\u201d made under the Act. Therefore, all the consequences of such assessments followed under the different sections of the Act. The assessments implied not only the determination of net wealth liable to be taxed under the Act, but also the wealth-tax payable by the assessee on the net wealth assessed including the liability to interest under section\u00a017B\u00a0, if chargeable. The assessments made for the assessment years 2007-08 and 2008-09 were made for the first time under S.\u00a017\u00a0and were regular assessments and therefore attracted S.\u00a017B(1)\u00a0of the Act. Hence the assessee was liable to pay interest under S.\u00a017B(1)\u00a0from the due date under S.\u00a014(1)\u00a0the date of filing of the returns under S.17\u00a0of the Act. ( AY. 2007 -08 2008 -09)<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealth-Tax Act, 1957
\nS.14: Return- Failure to file return on due date \u2013 Return was filed pursuant to reassessment notice \u2013 liable to pay interest from due date till date of filing of return [ S.17 , 17B ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1143","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ir","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1143","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=1143"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1143\/revisions"}],"predecessor-version":[{"id":3800,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/1143\/revisions\/3800"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=1143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=1143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=1143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}