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TMI Blog1981 (5) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... re originally completed on 28th Nov., 1974, 10th Dec., 1975 and 10th Dec., 1975 respectively. Subsequently, during the course of the assessment proceedings for the year 1976-77 the WTO referred the matter of valuation of certain properties to the Government Valuer. Based on this report the WTO came to the conclusion that there has been under-valuation in these three earlier assessments. He, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6) 102 ITR 287 (SC). Reference was also invited to the decision in the case of Maharaja Kumar Kamal Singh (1959) 35 ITR 1 (SC). The valuation report would be 'information' for purpose of reopening the assessment. Reliance was placed on the decision in the case of Shankarlal Balubhai (1975) 100 ITR 97 (Guj). The AAC failed to note that s. 17(1)(b) speaks of also circumstances where in wealth when s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by valuation reports from an approved Valuer. The WTO had completed the assessment on the basis of this valuation report. Later the WTO referred to the Government Valuer during the course of the assessment proceedings for the year 1976-77. The valuation report as on 31st March, 1967 was made the 'information' for purpose of reopening the assessments. From the order of the WTO it is seen that he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d on these valuation dates. Prima facie that report cannot be related to these assessments. When the WTO originally completed the assessments he has applied his mind on the basis of the valuer's report filed by the assessee and in such a circumstance a re-appraisal on the basis of later valuation would only amount a change of opinion. One of the cases noticed in the decision in 127 ITR 308 is that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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