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Issues:
Reopening of assessment after the expiry of four years for adopting a different method for share valuation. Analysis: The appeal pertains to the assessment year 1985-86, with the assessee being deceased during the appeal's pendency. The legal representatives sought to continue the appeal. The primary issue was the reopening of assessment for share valuation after the prescribed period. The assessee's counsel argued that the Assessing Officer's decision to reopen the assessment, despite previous orders valuing shares on a yield basis, was unwarranted. The Departmental Representative cited a Supreme Court ruling mandating valuation under rule 1D of Wealth-tax Rules. The Tribunal reviewed the submissions and records. It noted that previous orders directed share valuation on a yield basis, confirmed by the Tribunal. Despite this, the Assessing Officer reopened the assessment, citing a pending Reference Application. The Tribunal emphasized that the Assessing Officer's action was unjustified, as the order of the CWT (Appeals) and Tribunal had merged. The Tribunal highlighted the necessity for the Assessing Officer to seek rectification through proper channels rather than unilaterally reopening the assessment. The Tribunal acknowledged the Supreme Court's ruling on share valuation but stressed that the Assessing Officer should have followed proper procedures to challenge the existing orders. Referring to a similar case, the Tribunal emphasized the finality of tribunal orders unless legally overturned. Consequently, the Tribunal set aside the lower authority's decision and annulled the addition made, allowing the appeal filed by the assessee without costs.
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