Wealth-Tax Act, 1957

Section - 37C - Application of retained assets

84[Application of retained assets.

37C. (1) The assets retained under sub-section (5A) of section 37A may be dealt with in the following manner, namely :-

(i)- the amount of the existing liability referred to in clause (iv) of the said sub-section and the amount of the liability determined on completion of the regular assessment or reassessment for all the assessment years for which the net wealth referred to in clause (i) of that sub-section is assessable to tax (including any penalty levied or interest payable, in connection with such assessment or reassessment) and in respect of which the assessee is in default or is deemed to be in default may be recovered out of such assets;
(ii)- if the assets consist solely of money, or partly of money and partly of other assets, the Assessing Officer may apply such money in the discharge of the liabilities referred to in clause (i) and the assessee shall be discharged of such liabilities to the extent of the money so applied;
(iii)- the assets other than money may also be applied for the discharg .... To read the full section download the app from Google Play store