Assessment when assets are held by certain associations of persons
Section 21AA of the Wealth-tax Act, 1957 deals with assessment when assets are held by certain associations of persons. Where assets chargeable to tax under this Act are held by an association of persons, other than a company or co- operative society [or society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India], and the individ The Act came into force on 01 Apr 1957.
(1) Where assets chargeable to tax under this Act are held by an association of persons, other than a company or co- operative society [or society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India], and the individual shares of the members of the said association in the income or assets or both of the said association on the date of its formation or at any time thereafter are indeterminate or unknown, the wealth-tax shall be levied upon and recovered from such association in the like manner and to the same extent as it would be leviable upon and recoverable from an individual who is a citizen of India and resident in India for the [purposes of this Act ].
(2) Where any business or profession carried on by an association of persons referred to in sub- Officer] shall make an assessment of the net wealth of the association of persons as if no such discontinuance or dissolution had taken place and all the provisions of this Act, including the provisions relating to the levy of penalty or any other sum chargeable under any provisions of this Act, so far as may be, shall apply to such assessment.
(3) Without prejudice to the generality of the provisions of sub-section (2), if the [Assessing Officer] or the 8 [Deputy Commissioner (Appeals)] or the Commissioner (Appeals) in the course of any proceedings under this Act in respect of any such association of persons as is referred to in sub-section (1) is satisfied that the association of persons was guilty of any of the acts specified in section 18 or section 18A, he may impose or direct the imposition of a penalty in accordance with the provisions of the said (4) Every person who was at the time of such discontinuance or dissolution a member of the association of persons, and the legal representative of any such person who is deceased, shall be jointly and severally liable for the amount of tax, penalty or other sum payable, and all the provisions of this Act, so far as may be, shall apply to any such assessment or imposition of penalty or other sum.
(5) Where such discontinuance or dissolution takes place after any proceedings in respect of an assessment year have commenced, the proceedings may be continued against the persons referred to in sub-section (4) from the stage at which the proceedings stood at the time of such discontinuance or dissolution, and all the provisions of this Act shall, so far as may be, apply accordingly.
1. Restored by Act 3 of 1989, s. 95 (w.e.f. 1-4-1989). Earlier clause (a) and (ab) was substituted by Act 4 of 1988, s. 144, for clause (a) and (aa) (w.e.f. 1-4-1989).
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Section 21AA, The Wealth-tax Act, 1957 (Act 27 of 1957).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Referred to by 2
Questions about Section 21AA
What does Section 21AA of the Wealth-tax Act deal with?
Section 21AA of the Wealth-tax Act is headed "Assessment when assets are held by certain associations of persons". Where assets chargeable to tax under this Act are held by an association of persons, other than a company or co- operative society [or society registered under the Societies Registration Act, 1860 (21 of 1860) or under any law corresponding to that Act in force in any part of India], and the individ
How do I find court cases under Section 21AA of the Wealth-tax Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Wealth Tax Act 21AA, section 21AA Wealth Tax Act, section 21AA of the Wealth-tax Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 21AA of the Wealth-tax Act, and has it changed?
Its own text turns on section 18 (Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc), section 18A (Penalty for failure to answer questions, sign statements, furnish information, allow inspection, etc), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
When did Section 21AA of the Wealth-tax Act come into force?
Section 21AA of the Wealth-tax Act, cited as Wealth Tax Act 21AA, came into force on 01 Apr 1957, having been enacted on 12 Sep 1957. It is in force as at the date shown on this page.
Other sections of this Act
- 37A. Power of search and seizure2438 words
- 2. Definitions2369 words
- 4. Net wealth to include certain assets1796 words
- 18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc1680 words
- 22D. Procedure on receipt of an application under section 22C1492 words
- 21. Assessment when assets are held by courts of wards, administrators-general, etc1354 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.