{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"60","heading":"Amendment of section 17","text":"Wealth-tax Amendment of section 17. 60. In section 17 of the Wealth-tax Act,— (a ) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:— \" Provided also that the Assessing Officer may assess or reassess such net wealth, other than the net wealth which is the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.\"; (b ) in sub-section (1B), after clause (b), the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1998, namely:— \" Explanation.—For the removal of doubts, it is hereby declared that the Joint Commissioner, the Commissioner or the Chief Commissioner, as the case may be, being satisfied on the reasons recorded by the Assessing Officer about fitness of a case for the issue of notice, need not issue such notice himself.\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><i>Wealth-tax</i></p><p><b>Amendment of section 17.</b></p><p><b>60.</b> In section 17 of the Wealth-tax Act,—</p><p>(<i>a</i> ) in sub-section (1), after the second proviso, the following proviso shall be inserted, namely:—</p><p>\" <b>Provided also </b>that the Assessing Officer may assess or reassess such net wealth, other than the net wealth which is the subject matter of any appeal, reference or revision, which is chargeable to tax and has escaped assessment.\";</p><p>(<i>b</i> ) in sub-section (1B), after clause (<i>b</i>), the following <i>Explanation</i> shall be inserted and shall be deemed to have been inserted with effect from the 1st day of October, 1998, namely:—</p><p>\" <i>Explanation.</i>—For the removal of doubts, it is hereby declared that the Joint Commissioner, the Commissioner or the Chief Commissioner, as the case may be, being satisfied on the reasons recorded by the Assessing Officer about fitness of a case for the issue of notice, need not issue such notice himself.\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":157,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/60/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}