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TMI Blog1994 (3) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... Home, Trivandrum?" The matter arises out of wealth-tax assessments for the assessment years 1976-77 and 1977-78 for which the relevant valuation dates are March 31, 1976, and March 31, 1977, respectively. The original assessment for the assessment year 1976-77 was completed on March 28, 1981. The valuation of Messrs. Rajadhani Tourist Home, an item of property belonging to the assessee, was adopted as Rs, 1,39,595. This was so fixed on the basis of the value as per the balance-sheet. During the assessment proceedings for the year 1977-78, the Wealth-tax Officer referred the valuation of the property to the valuation cell on January 22, 1982, under section 16A of the Act. Before the valuation report was received, the assessment was comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r giving due opportunity to the assessee. The assessee took up the matter in appeal before the Income-tax Appellate Tribunal, Cochin Bench, invoking the provisions of section 26 of the Wealth-tax Act. The Tribunal allowed the appeal taking the view that the Valuation Officer's report should not have been looked into by the Commissioner for invoking jurisdiction under section 25(2) of the Act. The short question that arises for consideration in these references is whether the Commissioner was justified in looking into the report of the Valuation Officer for coming to the conclusion that the order of assessment was erroneous and prejudicial to the interests of the Revenue. For the assessment year 1976-77, the Wealth-tax Officer adopted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der section 25(2) as stated above, the Commissioner has to examine the records. The word "record" has been given a wider interpretation as per the Finance Act of 1989, with effect from June 1, 1988, which amended section 25(2) of the Wealth-tax Act in the following terms: " 'Record' shall include and shall be deemed always to have included all records relating to any proceeding under this Act available at the time of examination by the Commissioner." From this definition it is abundantly clear that the Commissioner while invoking the jurisdiction under section 25(2) can examine all records relating to the proceedings which are available at the time of his examination. In the instant case, the Commissioner examined the record, as could b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and does no more than what must be deemed to be necessarily implicit in the question referred by the Tribunal, provided the question is couched in terms of sufficient amplitude to cover an enquiry into the question in the light of the amended law, and the enquiry does not necessitate investigation of fresh facts." The amendment brought about to section 25(2) has retrospective operation. It can also be taken as a declaration of what the law is. So that provision has necessarily to be given effect to by us in answering the question now referred to us. Since the Commissioner considered the records after the valuation report was received, the valuation report forms part of the records and he was perfectly justified in invoking the jurisdictio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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