1982 (9) TMI 132 - AT - Wealth-tax

Summary

The appeal by the revenue for the assessment year 1975-76 was dismissed by the Appellate Tribunal ITAT Jaipur. The Tribunal held that there were no valid reasons to believe that any wealth had escaped assessment, making the notice given under section 17(1)(b) void. The Tribunal found that the revenue failed to establish any investigation or research into the firm's assessment at a subsequent stage, leading to the dismissal of the appeal.