Assessments in such cases should be reopened u/s.17(1)(b).

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..... luer's certificate since filed by the assessee for a later year, were issued. 2. The matter has been reconsidered and the following instructions are issued in suppression of those contained in the said circular.: (a) Where the assessee files his wealth-tax return for the first time on the basis of a valuer's certificate disclosing a taxable net wealth, an enquiry should be made in regard to the .....

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..... in the wealth-tax assessments for the earlier years, the difference having arisen on account of a different basis of valuation adopted by the valuer, and such a difference exceeds 25% of the value adopted for the earlier years, the WTOs should examine whether or not the assessee can plausibly explain the variation in value. For instance, if the valuation had been made in the earlier years on the b .....

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