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TMI Blog1987 (2) TMI 13X X X X Extracts X X X X X X X X Extracts X X X X ..... nstance of the Revenue, referred to us by the Income-tax Appellate Tribunal, Cochin Bench: "Whether, on the facts and in the circumstances of the case, the order of rectification passed by the Wealth-tax Officer is valid in law ? " The net wealth of the assessee had been determined at Rs. 2,09,34,600 by order dated October 4, 1977. While completing the assessment, it was noticed that a sum of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee's contention and set aside the order made under section 35. On appeal by the Revenue, the Tribunal affirmed the order of the Appellate Assistant Commissioner. The rectification under section 35 was made by the assessing authority by annexure B order for the reason that, on the admission of the assessee himself, a sum of Rs. 75,000, though inadvertently, had been excluded from the return fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... returns of the total wealth. Counsel for the assessee, however, submits that the assessing authority was not justified in refusing to allow the exemption beyond Rs. 1,50,000 because the Tribunal had already held in the proceedings of the earlier years that, even when the value of the investment exceeded Rs. 1,50,000, the assessee was entitled to exemption beyond that limit. That decision held t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n a correct understanding of the law. Accordingly, we answer the question in the affirmative, that is, in favour of the Revenue and against the assessee. We direct the parties to bear their respective costs in these tax referred cases. A copy of this judgment under the seal of the High Court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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