9911796707
TMI Blog1998 (3) TMI 75X X X X Extracts X X X X X X X X Extracts X X X X ..... he case, the Appellate Tribunal was justified in holding and had valid materials to hold that the provisions of section 17(1)(b) of the Act could not be validly invoked in the assessee's case and hence the assessment has to be cancelled ?" The assessee is an individual. The assessment year with which we are concerned is the year 1976-77. She had filed the return of wealth for the said assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the assessment year 1976-77 on the ground that the audit objection could not be construed as information within the meaning of section 17(1)(b) of the Wealth-tax Act. The Appellate Tribunal, on the appeal preferred by the Department, came to the conclusion that the Wealth-tax Officer has applied his mind to the facts on the record which included the assessment of the property for earlier years. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lying his mind to the value of the property, arrived at the value of the property in the original assessment in a proceeding subsequently, initiated under section 17(1) of the Wealth-tax Act. He also submitted that if rule 11313 of the Wealth-tax Rules is applied to determine the value of the property, the value of the property returned by him would be much more than the value arrived at on the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... venue has not disputed this position of law, under rule 1B13 the value of the property has to be determined on the statutory formula. The Supreme Court has held that it would apply to all pending proceedings, and if that rule is applied, the value of the property returned to be determined by applying the provisions of the rule 1B13 of the Act. Therefore, we hold that the Tribunal was correct in ho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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