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Issues:
1. Revisional order passed by the CWT under s. 25(2) of the WT Act, 1957 based on a significant difference in property valuation between the assessee's valuer and the Deptl. Valuer. 2. Jurisdictional question regarding the Commr. exceeding authority under s. 25(2) by considering material not part of the record at the time of assessment orders. 3. Comparison with similar cases like Ganga Properties vs. ITO and decisions of the Tribunal in Smt. Veenaben K. Fadia's case. 4. Argument on whether the WTO adequately considered valuation reports and made necessary enquiries, impacting the revenue's interest. 5. Analysis of the Calcutta High Court's decision regarding the timing of material consideration for revisional orders under s. 263. 6. Application of Gee Vee Enterprises vs. Addl. CIT and Smt. Tara Devi Aggarwal case by the Deptl. Rep. to support the Commr.'s jurisdiction under s. 263. 7. Evaluation of the WTO's actions in accepting valuation reports and the absence of the Deptl. Valuer's report during the assessment process. 8. Comparison of the present case with the circumstances in the Delhi and Supreme Court decisions cited during arguments. Analysis: The appeals before the Appellate Tribunal ITAT Ahmedabad involved a common issue of a revisional order passed by the CWT under s. 25(2) of the WT Act, 1957, due to a substantial variance in property valuation between the assessee's valuer and the Deptl. Valuer. The CWT set aside all six wealth-tax assessments for the relevant years and directed the WTO to conduct fresh assessments based on the correct property value determined by the Deptl. Valuer. The assessee challenged this decision, arguing that the Deptl. Valuer's report was obtained after the assessment orders were passed, questioning the Commr.'s jurisdiction under s. 25(2) to revise the assessments based on post-assessment materials. The Deptl. Rep. defended the Commr.'s order, emphasizing the need for accurate valuation to protect the revenue's interests. The argument centered on whether the WTO adequately considered the valuation reports and made necessary enquiries, citing relevant case law to support the Commr.'s authority under s. 263. The Tribunal analyzed the timing of material consideration for revisional orders, drawing parallels with the Calcutta High Court's decision and concluding that the Commr. exceeded jurisdiction by relying on post-assessment materials not part of the original record. Further, the Tribunal assessed the WTO's actions in accepting valuation reports and highlighted the absence of the Deptl. Valuer's report during the assessment process. The comparison with decisions like Gee Vee Enterprises vs. Addl. CIT and Smt. Tara Devi Aggarwal case was made to determine the applicability of these precedents to the present case. Ultimately, the Tribunal found in favor of the assessee, canceling the CWT's order under s. 25(2) and allowing the appeals based on the Commr.'s jurisdictional overreach in revising the assessments. The analysis provided a comprehensive review of the legal arguments, precedents cited, and the Tribunal's reasoning in arriving at the decision.
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