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TMI Blog2004 (9) TMI 30X X X X Extracts X X X X X X X X Extracts X X X X ..... of Wealth-tax had no power to interfere under section 25(2), and on that reasoning in quashing the order of the Commissioner of Wealth-tax dated February 24, 1984, as not valid in law?" – in view of amendment made in clause (c) of the Explanation to section 25(2) held that the Commissioner had requisite jurisdiction to initiate proceedings under section 25 of the Act in the present case – Thus, we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax dated February 24, 1984, as not valid in law?" The reference relates to the assessment year 1977-78. While passing the assessment, the Wealth-tax Officer had valued the shares held by the respondent-assessee in L. H. Sugar Factory Ltd., Pilibhit, at Rs. 9.96 per share. It may be mentioned here that, the shares of M/s. L.H. Sugar Factory Limited are not quoted in the stock exchange. The Commis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T [1976] 105 ITR 344 allowed the appeal on the preliminary point that in the assessment year, the order was carried in appeal and it had merged with the order of the appellate authority and, therefore, the Commissioner of Wealth-tax has no jurisdiction to initiate proceedings under section 25 of the Act. The Tribunal had not decided the appeal on the merits. We have heard Shri A.N. Mahajan, lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... powers of the Commissioner under section 263 shall extend and shall be deemed always to have extended to them because the same had not been considered and decided in the appeal filed by the assessee. The amendment made in clause (c) of the Explanation to section 25(2) of the Act is similar to the amendment made in section 263 of the Income-tax Act, 1961, and the same principle would apply in the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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