9911796707
TMI Blog1984 (5) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... pound and bearing municipal numbers 17, 18 and 21. The assessee had shown this property in his return for all the assessment years and valued it at Rs. 75,000 and claimed exemption under s. 5(1)(iva). The same was granted by the WTO. The audit objection however, pointed out that outhouses were four in number and only one of them was exempted under s. 5(1)(iv). The audit note further stated that the whole of the land had been treated as agricultural land while according to the Departmental valuer s report only an area of 71196 sq. ft. was agricultural land and the rest was appurtenant to the building. On the basis of this audit note the WTO commenced proceedings under s. 17(1)(c) of the Act which provides that in case the WTO has in conseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in his possession that wealth has escaped assessment. The information has to be fresh information and not merely one which was already before the WTO to which he applied his mind, but committed a mistake in analysing the fact. In the case before us the assessee had specifically stated in his return of income that he had received a property in a partial partition which consisted of one bigha of agricultural land with water tank, engine room, bungalow with fuel store rooms and garages situated in the same compound and bearing municipal Nos. 17, 18 and 21. The assessee had claimed exemption under s. 5(1)(iv) of the WT Act meaning thereby he described the entire property as agricultural land. It is not the case of the WTO that this information ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... point of law could not be regarded as information enabling the ITO to initiate reassessment proceedings under s. 147(b). It was further held in that case that part of the audit note which embodies the opinion of the audit party in regard to the application or interpretation of law cannot be taken into account by the ITO. As is clear in the case before us, the audit party has tried to advise the ITO about the application of the law to the facts of the case and in view of the law laid down by Hon ble the Supreme Court this cannot be done. In that case (1979) 12 CTR (SC) 190 : (1979) 119 ITR 996 (SC), it was argued before Hon ble the Supreme Court that realisation by the ITO that he had committed an error when making the assessment amounts to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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