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Valuation officer
Sec 142A & 55A makes reference to valuation officer. The powers are the same powers prescribed under wealth tax act. since wealth tax is repealed, how to deal with the same?
Replies (3)
Hi Sivapriya,
Please be informed that the levy of wealth tax has been abolished from 1st April, 2016.
We can refer to provisions of the Act till 31st March, 2016. Lets hope to see any ammendment in the provisions of Income Tax Act making reference to the Wealth tax law in the upcoming Budget.
However, following the laws of interpretation, any reference to the repealed law for interpretation of the unrepealed law is still valid provided the intention of the law maker is the same.
It has been clearly stated in the Memorandum to the Budget 2015 that the sole reason for abolishing the wealth tax law was lower inflows to the Revenue and not irrelevane of any provisions of the law.
Revert for any further clarification.
Thank you fir your clarification.
Thank you for your clarification.
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