2000 (11) TMI 32 - HC - Wealth-tax

Summary

The High Court of Madras ruled in favor of the Revenue in a case under the Wealth-tax Act, similar to a previous case under the Income-tax Act. The Commissioner revised the assessment based on a valuation report received after the assessment, which was considered part of the record for determining if the assessment was prejudicial to the Revenue. The Tribunal's decision to set aside the Commissioner's order was overturned.