Laws and Bare Acts of India at MyNation.net

MyNation Foundation Online Law Library

Section 21AA – The Wealth-Tax Act, 1957

The Wealth-Tax Act, 1957

 

 

21AA. Assessment when assets are held by certain associations of persons. —

 

1[21AA. Assessment when assets are held by certain associations of persons. —(1) Where assets chargeable to tax under this Act are held by an association of persons, other than a company or co-operative society 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 upon and recovered from such association in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India for the 3[purposes of this Act 4[***]].

 

(2) Where any business or profession carried on by an association of persons referred to in sub-section (1) has been discontinued or where such association of persons is dissolved, the 5[Assessing Officer] shall make an assessment of the net wealth of the association of persons as if no such discontinuance or dissolution had taken place and all the provisions of this Act, including the provisions relating to the levy of penalty or any other sum chargeable under any provision of this Act, so far as may be, shall apply to such assessment.

 

(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 specified in section 18 or section 18A, he may impose or direct the imposition of a penalty in accordance with the provisions of the said sections.

 

(4) Every person who was at the time of such discontinuance or dissolution a member of the association of persons, and the legal representative of any such person who is deceased, shall be jointly and severally liable for the amount of tax, penalty or other sum payable, and all the provisions of this Act, so far as may be, shall apply to any such assessment or imposition of penalty or other sum.

 

(5) Where such discontinuance or dissolution takes place after any proceedings in respect of an assessment year have commenced, the proceedings may be continued against the persons referred to in sub-section (4) from the stage at which the 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 [***]]

 

——————————————–

1. Ins. by Act 16 of 1981, sec. 27 (w.r.e.f. 1-4-1981).

 

2. Ins. by Act 13 of 1989, sec. 29 (w.r.e.f. 1-4-1989).

 

3. Subs. by Act 4 of 1988, sec. 145, for certain words (w.e.f. 1-4-1989).

 

4. The words “, and at the maximum marginal rate” omitted by Act 18 of 1992, sec. 96(a) (w.e.f. 1-4-1993).

 

5. Subs. by Act 4 of 1988, sec. 127, for “Wealth-tax Officer” (w.e.f. 1-4-1988).

 

6. Subs. by Act 4 of 1988, sec. 127, for “Appellate Assistant Commissioner” (w.e.f. 1-4-1988).

 

7. Explanation omitted by Act 18 of 1992, sec. 96(6) (w.e.f. 1-4-1993). Earlier Explanation was inserted by Act 16 of 1981, sec. 28 (w.e.f. 1-4-1981).

 

Previous | Next

 

The Wealth-Tax Act, 1957

 

Indian Laws – Bare Acts

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2021 Laws and Bare Acts of India at MyNation.net
×

Free Legal Help, Just WhatsApp Away

MyNation HELP line

We are Not Lawyers, but No Lawyer will give you Advice like We do

Please read Group Rules – CLICK HERE, If You agree then Please Register CLICK HERE and after registration  JOIN WELCOME GROUP HERE

We handle Women Centric biased laws like False Section 498A IPC, Domestic Violence(DV ACT), Divorce, Maintenance, Alimony, Child Custody, HMA 24, 125 CrPc, 307, 312, 313, 323, 354, 376, 377, 406, 420, 497, 506, 509; TEP, RTI and many more…

MyNation FoundationMyNation FoundationMyNation Foundation