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Citedby 153 docs - [View All]
Commissioner Of Wealth Tax vs Motor & General Finance Limited on 18 February, 2011
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N.P.V. Ramaswamy Udayar vs Collector Of Central Excise on 12 June, 1987
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[Complete Act]
Central Government Act
Section 16 in The Wealth- Tax Act, 1957
16. Assessment.
(1) If the Wealth- tax Officer is satisfied without requiring the presence of the assessee or production by him of any evidence that a return made under 1[ section 14 or section 15 is correct and complete], he shall assess the net wealth of the assessee 2[ and determine the amount of wealth- tax payable by him or the amount refundable to him on the basis of such return].
(2) If the Wealth- tax Officer is not so satisfied, he shall serve a notice on the assessee either to attend in person at his office on a date to be specified in the notice or to produce or cause to be produced on that date any evidence on which the assessee may rely in support of his return.
(3) The Wealth- tax Officer, after hearing such evidence as the person may produce and such other evidence as he may require on any specified points 3[ and after taking into account all relevant material which the Wealth- tax Officer has gathered], shall, by order in writing, assess the net wealth of the assessee 2[ and determine the amount of wealth- tax payable by him or the amount refundable to him on the basis of such assessment].
1. Subs. by Act 46 of 1964, s. 16, for" section 14 is complete" (w. e. f. 1- 4- 1965 ). 2 Subs. by s. 16, ibid., for certain words (w. e. f. 1- 4- 1965 ). 3 Ins. by s. 16, ibid. (w. e. f. 1- 4- 1965 ).
(4) For the purpose of making an assessment under this Act the Wealth- tax Officer may serve, on any person who has made a return under sub- section (1) of section 14 or upon whom a notice has been served under sub- section (2) of that section 1[ or who has made a return under section 15], a notice requiring him to produce or cause to be produced on a date specified in the notice such accounts, records or other documents as the Wealth- tax Officer may require.
(5) If any person fails to make a return in response to any notice under sub- section (2) of section 14, or fails to comply with the terms of any notice issued under sub- section (2) or sub- section (4), the Wealth- tax Officer 2[ after taking into account all relevant material which he has gathered, shall estimate the net wealth to the best of his judgment and determine the amount of wealth- tax payable by the person or the amount refundable to him on the basis of such assessment].