1983 (12) TMI 27 - HC - Wealth-tax

Summary

The High Court of Bombay ruled in favor of the petitioner, a wealth-tax assessee, stating that the Wealth Tax Officer's attempt to reopen the assessment for the assessment years 1967-68 and 1968-69 was unjustified. The court found that the reasons provided for reopening the assessment were insufficient, as the petitioner had already disclosed all relevant information during the initial assessment. The court held that a change in the officer's opinion about the valuation of shares was not a valid reason to reopen the assessment. The petition was granted, and the rule was made absolute with no order as to costs. (Case citation: 1983 (12) TMI 27 - BOMBAY High Court)