9911796707
TMI Blog1991 (4) TMI 445X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee trust did not file any return of wealth for the asst. yrs. 1973-74 to 1977-78 under the plea that its wealth was exempt from the wealth-tax in view of s. 5(1)(i) of the Act. However, the WTO called upon the assessee by serving notice dt. 24th March, 1980 under s. 17 of the Act who filed returns of wealth for these five years. The assessee filed returns under protest. The WTO held that there was breach of the provisions of s. 13 of the IT Act and as such, the assessee was not entitled to the benefit of s. 5(1)(i) of the Act by virtue of s. 21A of the Act. 3. The assessee went in appeal before the CWT(A) who held that there was no breach of s. 13 of the IT Act and the assessee was entitled to exemption under s. 5(1)(i) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7(a) of the IT Act and withdrew the benefit of s. 11 of the IT Act. The benefit of s. 11 of the IT Act was further denied to the assessee in the asst. yr. 1975-76. The reassessment order for the asst. yr. 1973-74 was set aside in appeal by the CIT(A). The Department then came in appeal before the Tribunal and the Tribunal by order dt. 20th June, 1981 in ITA No. 1404 (Cal) of 1980 held that since the assessment was already completed and new information came in possession of the ITO, it was only a change of opinion and, therefore, the proceeding under s. 147(a) of the IT Act for the asst. yr. 1973-74 was not valid. The Tribunal on merit also held in favour of the assessee that it was entitled to exemption under s. 11 of the Act. In the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the view that where any property is held under trust for any public purpose of the charitable or religious nature in India and any part of such property or any income of such trust is used or applied or enured directly or indirectly for the benefit of any person referred to in s. 13(3) of the IT Act wealth shall be taxable. 6. The Tribunal did not advert to the facts of this case properly. The question of change of opinion arises only when once the assessment has been made and such assessment is sought to be reopened on the same materials without there being any new or fresh information. This is not the case here. As we have indicated that the assessee did not file any return at all and on the basis of the materials from the income-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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