From Advocatespedia, ASSN: 27272
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Total Sections 2
Enforcement Year 1976
State or Central Central
Editor Template:USERNAME
ASSN: 27272


Wealth Tax Settlement Commission, Noti. No. S. 0. 459 (B), dated July 5, 1976, published in Gazette of India, Extra., Part II, Section 3(ii), dated 5th July, 1976, pp. 1472-73. In exercise of the powers conferred by sub-section (5) of Section 22F of the Wealth-tax Act, 1957 (27 of 1957), the Wealth-tax Settlement Commission hereby makes the following rules, namely:-

1. Short title and commencement :-

(1) These rules may be called the Wealth-tax Settlement Commission (Procedure) Rules, 1976. (2) They shall come into force on the date of their publication in the Official Gawtte.

2. Application of the Income tax Settlement Commisfion (Pro- cedure) Rolea, 1976 :-

The provisions of the Income-tax Settlement Commis- sion (Procedure) Rules, 1976 (hereinafter referred to as the said rules) shall apply, so far as may be, to the procedure of the Wealth-tax Settlement Commission constituted under sub-section (1) of Section 22B of the Wealth- tax Act, 1957 (27 of 1957), subject to the following modifications, namely : - (i) Modification of Role 2.-For Rule 2 of the said rules, the following rule shall be substituted, namely :- "2. Definitions.-In these rules, unless the context otherwise requires,- (i) "Act" means the Wealth-tax Act, 1957 (27 of 1957) ; (ii) "applicant" means a person who makes an application to the Commission under sub-section (1) of Section 22C to have a case relating to him settled; (iii) "authorised representative" means- (a) in relation to an applicant, except where such applicant is re�quired under any of the provisions of Chapter 5A of the Act to attend in person, a person who would be entitled to represent him before any Wealth-tax authority or the Appellate Tribunal under Section 44 ; (b) in relation to a Commissioner, a person- (i) authorised by the Commissioner in writing; or (ii) duly appointed by the Central Government by notification in the Official Gaytte as authorised representative (iii)to appear, plead or act for the Commissioner in any proceeding before the Commission; (iv) "Commission" means the Wealth-tax Settlement Commission cons- tituted under sub-section (1) of Section 22B ; (v) "Secretary" means the Secretary of the Commission and inclu�des the Deputy Secretary and the Administrative Officer of the Commission; (vi) "section" means a section of the Act; (vii) "settlement application" means an application made by a person to the Commission under sub-section (1) of Section 22G to have his case settled; (viii) all other words and exprssions used in these rules and not defined but defined in the Act shall have the meanings respectively assigned to them in the Act." (ii) Modification of Rule 6.-In Rule 6 of the said rules for the words, figures and letter "Section 245D", the word, figures and letter " Section 22D " shall be substituted. (iii) Modification of Rule 7.-For sub-rule (1) of Rule 7 of the said rules, the following sub-rule shall be substituted, namely :- "(1) Where an order is passed by the Commission under sub�section (1) of Section 22D allowing the application to be proceeded with, a notice shall be issued by the Commission to the appli-cant requiring him to furnish in quintuplicate- (a) a full and true statement of facts regarding the matters to be settled (including the manner in which any wealth disclosed or proposed to be disclosed by the applicant has been acquired) ; and where the settlement involves determination of net wealth, accompanied with annexures containing- (i) computation of the net wealth of the applicant for the assess�ment year or years to which the settlement application relates, in accordance with the provisions of the Act; and (ii) a detailed statement of assets (movable and immovable) and debts, located in India and outside as on the valuation date; (b) the terms of settlement sought for by the applicant."