9911796707
TMI Blog2004 (8) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... ace Theatre. - Tribunal is right in law in vacating the order of the Commissioner of Wealth-tax u/s 25(2) by holding the same as erroneous - - - - - Dated:- 26-8-2004 - Judge(s) : N. K. SUD., ADARSH KUMAR GOEL JUDGMENT The judgment of the court was delivered by ADARSH KUMAR GOEL J.- At the instance of the Revenue, the following question of law has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), under section 27(3) of the Wealth-tax Act, 1957 (for short, "the Act"), in respect of the assessment year 1977-78: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in vacating the order of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rther explained that in the assessment order dated February 12, 1980, the Wealth-tax Officer had merely assessed the additional wealth offered by the assessee in the revised return. The said order did not deal with the issue about the valuation of the Preet Palace Theatre, this submission was accepted and the order of the Commissioner of Wealth-tax passed under section 25(2) of the Act was set aside. The Tribunal held that since the order sought to be revised did not deal 5 with the question of valuation of interest of the assessee which question was involved at the time of the original assessment finalised vide order dated March 8, 1978, the order of the Commissioner of Wealth-tax could not be sustained. The Tribunal followed its earlier ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id order did not deal with the question of valuation of interest of the assessee in Preet Palace Theatre which had become final as per order dated March 8, 1978. The Commissioner of Wealth-tax could not have exercised powers under section 263 against the said order as the limitation under section 25(3) of the Act which is two years, had also expired with regard to the said order. The Tribunal, thus, rightly held in para. 2 of its order that while passing the order dated February 12, 1980, there was no occasion for the Wealth-tax Officer to make any enquiry regarding valuation of the interest of the assessee in Preet Palace Theatre. For the above reasons, we are of the opinion that the order of the Tribunal is in accordance with law. We, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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