recalculate the interest u/s 17B as per sub-sec (3) of Sec. 17B of the Act,
since the above sec. is applicable only ... return filed under the section were a return required
to be furnished under section 14 . Explanation 3 under section 17B(1) makes
it clear that
outstanding expenses'. The A.O. in the said assessment proceedings invoked
sec.43B of the "Act" and disallowed the assessee ... been observed herein below:-
"27. We may now notice sections 17B , 17C and 17D of the Prohibition Act.
Section 17B authorises the State Government
purposes and partly let out, thereby qualifying for
exclusion under Section 2(ca)(i) of the Wealth ... consider that the Assessing
Officer had erroneously levied consequential interest
under Section 17B, which is not tenable in law.
1.7 The appellant seeks your leave
exempt for 10
years from the date of its purchase as per section 2(ea)(v) and
not to be included for net wealth ... residential building as exempt under section
2(ea)(i)(1)
(c) Restrict the levy of Interest under section 17B.
(d) Such other orders
come
within the purview of section l7B(1) does not hold water. Sub-section (3) of section l7B is
attracted only in a case where ... therefore, we have to see the applicability of sub-section (1) of section 17B
which envisages the following situations:
(i) Return is furnished after
vide sale deed dated 02.07.2001. The
Assessing Officer issued notice under section 17 dated 05.03.2009 since the
assessee had not filed wealth tax return ... Assessing Officer was high and the interest levied under section
17B was not in accordance with the law. The ld. AR is stated to have
Wealth-Tax (Appeals) erred in confirming
the levy of interest u/s. 17B of the wealth tax act.
3.2 The Commissioner of Wealth-Tax (Appeals
violation of the provisions of Rule 20 of Schedule Ill of
Section 7(1) of the Wealth tax Rules for determining the value
of assets ... Learned Commissioner of Income Tax
(Appeals) erred in levying interest u/s 17B in consequence to
the above addition."
3. The learned
Appeals) has erred in
indirectly confirming the addition of interest u/s 17B of the Wealth Tax Act, 1857.
2. The Ld. AR advanced arguments ... film artist. The assessee was subjected to a search action u/s. 132 of
the Act on 23.01.2007. The assessee did not file any wealth
exemption u/s 11 of the IT Act. The AO CPC has
passed the intimation order on 31/03/2023 after denying the
exemption ... assessee which is mandatory as
per Section 12A (1(6) of the Act read with Rule 17B of the
Income Tax Rules. However
