1983 (2) TMI 118 - AT - Wealth-tax

Summary

The appeal by the revenue against the order of the AAC was dismissed by the Appellate Tribunal ITAT Jaipur. The Tribunal held that the reassessment proceedings were not validly initiated by the WTO against the assessee, a partner in a firm dealing in precious stones. The Tribunal found that there was no subsequent information to reopen the assessment, as all relevant facts were already before the assessing authority. The appeal was dismissed, and the order of the AAC was upheld.