1984 (7) TMI 222 - AT - Wealth-tax

Summary

The appeals by the Revenue against the AAC's cancellation of reassessments under s. 17 of the WT Act were dismissed by the ITAT MADRAS-D. The AAC found that the reassessments were untenable as they were based on a different valuation method than that determined by the Tribunal, and the Audit Note did not constitute new 'information'. The Revenue failed to provide any new material for the reassessments. The ITAT upheld the AAC's decision to cancel the reassessments.