1991 (2) TMI 32

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..... fficer, Circle 1, Income-tax Department, Kanpur, to the petitioner. The petitioner says that he has not been served with a copy of the order made by the Wealth-tax Officer under sub-section (1) of section 16A, and that all that he has been served with is the aforesaid notice from the Valuation Officer. The impugned notice proposes to determine the market value of the assets mentioned therein as on .....

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..... under sub-section (2) of section 16A is totally without jurisdiction. It is also brought to our notice that, after the filing of this writ petition, the Wealth-tax Officer has issued a notice under section 17 of the Act proposing to reopen the assessments for several years including the five assessment years concerned herein. Sub-sections (1) and (2) of section 16A read as follows at the relevan .....

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..... ket value of the asset exceeds the value of the asset as returned by more than such percentage of the value of the asset as returned or by more than such amount as may be prescribed in this behalf ; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do. (2) For the purpose of estimating the value of any asset in pursuance of a referenc .....

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