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TMI Blog1983 (11) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... owing question for the opinion of this court : " Whether, on the facts and in the circumstances of the case, the reassessment proceedings initiated under section 17(1)(b) of the Wealth-tax Act, 1957, are valid in law ? " The assessee in this case filed his wealth-tax return allowing a net wealth Rs. 10,54,342 and deducted therefrom wealth-tax liability of Rs.. 10,870. In arriving at the net we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be included in the net wealth. It also pointed out that the assessee was a resident, but not ordinarily resident, and he was not entitled to 50 per cent. reduction of the tax, as if he was a non-resident, following the procedure adopted for the year 1974-75, during which the assessee was in fact a non-resident. Taking note of the said audit report, the WTO reopened the assessment. We are not at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an taken from the Life Insurance Corporation, which is an exempted item of asset, has, according to the audit report, wrongly been treated as a debt deductible. Similarly, the debt that has accrued to the assessee has not been treated as an asset and included in the net wealth. The factual position has been pointed out by the audit report, and the report should be taken to constitute information w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the notice of the WTO certain omissions and commissions made by him, and the audit party cannot be said to have instructed the WTO on matters of law. In this view, we are in entire agreement with the Income-tax Tribunal when it says that the audit report would constitute information, so as to attract s. 17(1)(b) of the W.T. Act. The petition is dismissed. - - TaxTMI - TMITax - Wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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