9911796707
TMI Blog2002 (4) TMI 12X X X X Extracts X X X X X X X X Extracts X X X X ..... the court was delivered by ALTAMAS KABIR J. -The assessments for the assessment years 1984-85 and 1985-86 in respect of the respondent/assessee were computed under section 16(3) of the Wealth-tax Act, 1957, on April 29, 1986, and August 22, 1986, at a net wealth of Rs. 12,57,100 and Rs. 12,35,900, respectively. The wealth assessed included the value of a flat situated at 1, Arcade, Nariman Point, Bombay, accepted by the Wealth-tax Officer at Rs. 2,50,000. Subsequently, the assessee filed the returns of wealth for the aforesaid years under the amnesty scheme on April 29, 1986, disclosing certain additional wealth in the shape of jewellery, silver utensils, ornaments and a half share of a house property at 1/17, Shantiniketan, New Delhi. Pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... original assessments can be taken as well-established in view of certain decisions of the hon'ble Supreme Court and the Kerala High Court referred to in its order. Thereafter, pursuant to the directions given by this court on January 7, 1992, in Matters Nos. 2997 and 2992 of 1991, the following questions were referred by the Income-tax Appellate Tribunal to this court for its opinion, namely, "(i) Whether, on the facts and in the circumstances of the case, when in the reassessment proceedings the assessment of the flat at Bombay was not interfered with the Tribunal was justified in law in holding that the reassessment proceedings superseded and set aside the original assessment in its entirety? (ii) Whether, on the facts and in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tra pointed out that the hon'ble Supreme Court had observed that in proceeding under section 147 of the Income-tax Act, the Income-tax Officer may bring to charge items of income which had escaped assessment or in addition to the items which led to the issuance of a notice under section 148, and where reassessment is made under section 147 in respect of income which had escaped tax. The Income-tax Officer's jurisdiction is confined only to such income which had escaped tax or had been under assessed and does not extend to revising, re-opening or reconsidering the whole assessment or permitting the assessee to reagitate the question which had been decided in the original assessment proceedings. It is only the underassessment which is set asi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the divergent views taken in the two matters, certain special leave petitions were directed to be placed before a three-judge Bench. (ITO v. K. L Srihari (HUF)[2001] 250 ITR 193 (SC)) to resolve the difference. On considering the two views the hon'ble Supreme Court held that the reassessment order amounted to a fresh assessment of the entire income. In other words, the original assessment made under section 16 was replaced by the order of reassessment made under section 17 of the Wealth-tax Act, 1957. While it is no doubt true that in the instant case the notice under section 17 of the above Act was issued on the basis of the additional wealth disclosed by the assessee under the amnesty scheme and at the time of reassessment the original ..... X X X X Extracts X X X X X X X X Extracts X X X X
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