[aaykarbhavan] AO had discretionary powers to determine value of property under rule 3 or rule 8 for wealth tax purposes

AO had discretionary powers to determine value of property under rule 3 or rule 8 for wealth tax purposes

October 4, 2014[2014] 49 taxmann.com 269 (SC)/[2014] 365 ITR 515 (SC)/[2014] 269 CTR 113 (SC)

WT: Assessing Officer has discretionary power to determine whether rule 3 or rule 8 is applicable to a particular case; and if Assessing Officer is of opinion that it is not practicable to apply rule 3, Assessing Officer can apply rule 8 and value of asset could be determined in manner laid down in rule 20 or section 16A

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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