9911796707
TMI Blog1987 (2) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... ('the Rules'). It also appears from the order of the WTO that the assessment has been made under section 16(3), read with section 17, of the Wealth-tax Act, 1957 ('the Act'). It is on the basis of these facts that the assessee has raised a ground that the assessment made by the WTO was time barred as it could not have been made on29-3-1985. This issue as such has not been taken up before the AAC though it was stated before him that the assessment was bad in law. The learned counsel, however, submitted that a point of law which goes to the root of the matter can be raised before the Tribunal. He pointed out that under the provisions of the Act, the return of wealth can be filed either under section 14 or under section 15 and where the WTO in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is to be made under section 17(1) (a) and notice is served on or before 31st day of March, 1975, then the assessment cannot be made at any time after the expiration of a period of four years from the end of the assessment year in which such notice is served. He submitted that the WTO has proceeded to complete the assessment taking this time limit from this provision. He, however, contended that the assessment itself was vitiated as the reopening itself was not in order the assessment itself was barred by limitation and the WTO could have completed the assessment within one year of the filing of the return by the assessee and not after that. The learned counsel contended that the return filed on31-3-1980being a valid return any action und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn after the period given under section 14 has expired. For such returns the time limit under section 17A (1) (a) is four years from 1-4-1975 or one year from the date of a return filed under section 15, whichever is later. The language of this sub-section clearly shows that a return under section 15, the WTO had to proceed to make an assessment on the basis of this return. When once a return is pending with the WTO, it is not open to him to take action under section 17 as he cannot say that there was any omission or failure on the part of the assessee to make a return under section 14. In this view of the matter, the notice under section 17 stated to have been issued by the WTO on12-3-1981would be bad in law and the proceedings under se ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
