9911796707
TMI Blog1987 (2) TMI 39X X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth-tax Act, 1957 (hereinafter referred to as " the Act"), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion : " Whether, on the facts and in the circumstances of the case, the Tribunal was Tight in holding that the assessment for the assessment year 1970-71 was rightly reopened by the Wealth-tax Officer under section 17( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he home at Tijori Gali was sold in 1972 for Rs. 24,000. In the circumstances, the value declared at Rs. 7,800 in 1970-71 was understated. The sale of house at Tijori Gali indicates that the value of properties is increasing. The value of Shiv Niwas Kothi is being taken at Rs. 67,000 for the last so many years. In view of the information now available, the assessment is reopened under section 17( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is well settled that the jurisdiction of the Wealth-tax Officer to reopen an assessment under section 17(1)(b) of the Act would depend upon the satisfaction of the two conditions precedent, specified in section 17(1)(b) of the Act. The Wealth-tax Officer should have reason to believe that net wealth chargeable to tax has escaped assessment and that the belief should be in consequence of infor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h-tax Officer for reopening the assessment, incorrect facts have been set out and there is nothing to indicate that the Wealth-tax Officer came into possession of any information received after the original assessment. The Tribunal, however, held that the Wealth-tax Officer was justified in reopening the assessment in view of the valuation report submitted by the assessee in subsequent years. In t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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