Section 14. Return of wealth

CHAPTER IV ASSESSMENT 14. Return of wealth.—[1] [(1) Every person, if his net wealth or the net wealth of any other person in respect of which he is assessable under this Act on the valuation date exceeded the maximum amount which is not chargeable to wealth-tax, shall, on or before the due date, furnish a return of his net wealth or the net wealth of such other person as on that valuation date in the prescribed form and verified in the prescribed manner setting forth particulars of such net wealth and such other particulars as may be prescribed. Explanation. —In this sub-section, "due date" in relation to an assessee under this Act shall be the same date as that applicable to an assessee under the Income-tax Act under the Explanation to sub-section (1) of section 139 of the Income-tax Act. (2) Notwithstanding anything contained in any other provision of this Act, a return of net wealth which shows the net wealth below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished: Provided that this sub-section shall not apply to a return furnished in response to a notice under section 17.] 2* * * * * 14. Global valuation of assets of business.— (1) Where the assessee is carrying on a business for which accounts are maintained by him regularly, the net value of the assets of the business as a whole, having regard to the balance-sheet of such business on the valuation date after adjustments specified in sub-rule (2) shall be taken as the value of such assets for the purposes of this Act. (2) For the purposes of sub-rule (1)— (a) the value of any asset as disclosed in the balance-sheet shall be taken to be,— (i) in the case of an asset on which depreciation is admissible, its written-down value; (ii) in the case of an asset on which no depreciation is admissible, its book value; (iii) in the case of closing stock its value adopted for the purposes of assessment under the Income-tax Act for the previous year relevant to the corresponding assessment year; (b) where the value of any of the assets referred to in clause (a), deter-mined in accordance with the provisions of this Schedule as applicable to that particular asset or if there are no such provisions, determined in accordance with rule 20, exceeds the value arrived at in accordance with clause (a) by more than 20 per cent, then the higher value shall be taken to be the value of that asset; (c) the value of an asset not disclosed in the balance-sheet, shall be taken to be the value determined in accordance with the provisions of this Schedule as applicable to that asset; (d) the value of the following assets which are disclosed in the balance sheet shall not be taken into account, namely:— (i) any amount paid as advance tax under the Income-tax Act; (ii) the debt due to the assessee according to the balance-sheet or part thereof which has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the Income-tax Act, for the purposes of assessment for the previous year relevant to the corresponding assessment year under that Act; (iii) the value of any asset in respect of which wealth-tax is not payable under this Act; (iv) any amount shown in the balance-sheet including the debit balance in the profit and loss account or profit and loss appropriation account which does not represent the value of any asset; (v) any asset shown in the balance-sheet not really pertaining to the business; (e) the following amounts shown as liabilities in the balance-sheet shall not be taken into account, namely:— (i) capital employed in the business other than that attributable to borrowed money; (ii) reserves by whatever name called; (iii) any provision made for meeting any future or contingent liability; (iv) any liability shown in the balance-sheet not really pertaining to the business;