9911796707
TMI Blog1985 (7) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... we are satisfied that there is no ground for compelling a reference under section 27(3) of the Wealth-tax Act, 1957. The Wealth-tax Officer completed the assessment accepting the valuation furnished by the approved valuer, based on what is called by the Revenue as the land-cum-building value. Subsequently, it would appear that the Wealth-tax Officer came across an observation in the internal audi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e method adopted by the approved valuer. We have not been shown how any error lies in the finding of the Tribunal that no case for reopening had been made out. Section 17(1)(b) of the Wealth-tax Act reads as follows: "17. Wealth escaping assessment.--(1) If the Wealth-tax Officer . ...... (b) has, in consequence of any information in his possession, reason to believe, notwithstanding that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . We have already noticed that the Wealth-tax Officer was aware of what the rental income was, at the time when he computed the value of the building and completed the assessment. He, therefore, received no information which could provide the basis for the reopening of the assessment in exercise of his limited power under section 17(1)(b) of the Act. Observations made in internal audit could not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on under the Land Acquisition Act, the procedure to be followed and the facts and standards to guide, are as laid down in sections 23 and 24 of that Act. We have not been shown any such statutory rule or requirement to be followed while computing the value of the property for the purpose of assessment under the Wealth-tax Act. It is also doubtful whether Parliament really intended to insist on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Whether, on the facts and in the circumstances of the case and in view of the findings that the Wealth-tax Officer 'himself' had 'perused the records' and had 'come to the conclusion' on the basis of 'the alternative method', is the Tribunal right in holding that 'this would only amount to a change of opinion and nothing more'? " The Revenue having failed to make out an arguable case, we h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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