9911796707
TMI Blog2012 (6) TMI 365X X X X Extracts X X X X X X X X Extracts X X X X ..... was to be revised, therefore it is obvious that the AO had all the materials before him when he invoked the jurisdiction for rectification of mistake, thus it stands to reason that the issuance of notice for re assessment that assessee had not disclosed the material facts fully and truly is totally without any jurisdiction - in favour of assessee. - Tax Case (Appeal) No.1118 of 2005 - - - Dated:- 16-4-2012 - Mrs.Justice CHITRA VENKATARAMAN, Mr.Justice K.RAVICHANDRA BAABU, JJ. For Appellant : Mr.R.Janakiraman For respondent : Mr.T.Ravi Kumar Standing Counsel for Income Tax O R D E R CHITRA VENKATARAMAN, J. The assessee is on appeal as against the order of the Tribunal, raising the following substantial questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the net wealth as specified HUF and not at the rate of 2% as unspecified HUF. Aggrieved by the order of the Tribunal, the assessee is before us. 3. Learned counsel appearing for the assessee placed before us the notice issued under Section 35 of the Wealth Tax Act. Immediately after the first assessment was made, the rectification proceedings were initiated on the ground that the verification of the facts filed by the assessee would show that the assessee's minor daughter Tara was the sole beneficiary of the Trust by name "The Chrysanthimum Trust" and that the benefit arising out of the Trust must be assessed only at her hands and hence the assessment should be revised adopting the status of the asssessee as HUF Specified. The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e part of the assessee to disclose fully and truly all material facts. 5. As held by a series of decisions of the Apex Court on the jurisdiction of the Assessing Officer to take up the reassessment, unless there are materials to point out that the disclosure was not true and complete, the reopening could not be upheld under the provisions of the Act. As rightly pointed out by the learned counsel for the assessee, the proceedings for rectification was undertaken by issuance of notice under Section 35 of the Wealth Tax Act. A reading of the said notice dated 25.6.1997 shows as follows: "The Wealth Tax assessment for the Assessment year 1992-93 had been completed in your case treating the status as that of unspecified HUF. However, on ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
