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TMI Blog1993 (7) TMI 107X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under Amnesty Scheme. 2. The learned CWT(A) has also erred in law and on facts in directing the ITA of Wealth-tax (Asst.) to adopt the value of various assets as per original assessment order dated 20-3-85." 2. The assessee submitted the return of wealth on 7-9-83 declaring wealth of Rs. 7,04,144. The original assessment was completed on 20-3-85. Subsequently the assessee submitted a revised return of wealth under the amnesty scheme on 31-3-87, disclosing value of gold ornaments as Rs. 4,90,965. The W.T.O. issued a notice under section 17 on 11-5-87 to regularise the revised return filed on 31st March '87 under the amnesty scheme. It appears that additional wealth forming part of gold ornaments and jewellery in the revised return sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the valuation of the various assets in question as per the original assessment order completed on 20th March, 1985. The CWT(A) also observed that since he has held that the valuation officer's report under section 16A(1) and adopting of valuation by the Assessing Officer on the basis of such report are invalid, the other grounds relating to merit of the valuation have become infructuous - so they are not decided. 5. At the time of hearing, the learned representatives of both the parties agreed that it may not be necessary to call the valuation officer in the present case as the CWT(A) has decided the appeal only on the aforesaid legal point and has not decided the question related to the quantum of valuation. The learned D.R. submitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 16A. He placed reliance on the judgment reported in Uday Kaushish v. CWT [1982] 137 ITR 906 (Delhi) to support such a contention. The learned D.R., therefore, submitted that the order of the first appellate authority should be cancelled and the order of the W.T.O. should be restored. In the alternative the matter may be restored back to the CWT(A) for deciding the same afresh on merits. 6. The learned counsel for the assessee was fair enough to state that it is true that once an assessment has been reopened, the entire assessment is open once again. Such a view is supported by a recent judgment of the Hon'ble Supreme Court in the case of CIT v. Sun Engg. Works (P.) Ltd. [1992] 198 ITR 297. However, this submission made by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt in the following circumstances: (a) In a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of opinion that the value so returned is less than its fair market value; (b) In any other case, if the Assessing Officer is of opinion - that the fair market value of the asset exceeds the value of the asset as returned by more than 33 1/3% or by more than Rs. 50,000. The W.T.O. may also make a reference under section 16A having regard to the nature of the asset and other relevant circumstances, if he is of the opinion that it is necessary so to do. In a case like this where the original assessment had already been completed and the question relating to d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s once again open but it does not necessarily imply that each and every item of valuation determined and accepted in the course of assessment should be disturbed and a reference to Valuation Cell cannot be justified unless there is a positive and specific material which can support formation of an opinion by the Assessing Officer for invoking the provisions of section 16A. No such material has been pointed out in the assessment order nor pointed out by the learned D.R. before us. We, therefore, are of the considered opinion that the conclusion derived by the CWT(A) does not require any interference. The said conclusion is, therefore, confirmed though on different reasonings which have been given hereinbefore. 8. We, therefore, hold that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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