9911796707
TMI Blog1984 (6) TMI 101X X X X Extracts X X X X X X X X Extracts X X X X ..... n on that account was made in a sum of Rs. 8,38,200. This action of the Asstt. CED went before the Tribunal and Tribunal vide its order dt. 28th May 1981 in EDA No. 29/Chandi/79 annulled the said reassessment observing that no reassessment was justified and it was only a change of opinion. It will not be out of place to mention that in the original assessment, even the accountable person has herself offered valuation to be taken @ Rs. 29.50 per share but the Asstt. CED relied on the certificated value and took the same @ Rs. 28.8 per share. After reassessment was annulled, Asstt. CED in rectification proceedings under s. 61 of the Act repeated the value of the very same shares in the same figure at Rs. 8,58,000. 3. When the issue came be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... person. In the course of assessment proceedings, however, the accountable person offered higher rate of Rs. 29 per share or so but it was not accepted. It was after assessment was completed that enquiries were instituted by the Asstt. CED and reassessment proceedings were initiated. Said proceedings travelled upto the Tribunal's stage and the same were annulled. Their Lordships of the Supreme Court while dealing with rectification under s. 61 of the Act in the case of Mrs. Khorshed Shapoor Chenai, as per head note, held as under: "(ii) that the rectification notice under s. 61 was also liable to be quashed because rectification was undertaken on the ground that the initial valuation adopted in respect of the lands acquired was based on t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court undoubtedly observed at p. 353 of the report as under: "If an obvious error, a lurking mistake or an omission leading to a mistake is discovered form the records, it can be and ought to be corrected and rectified, so as to bring to tax such property which has or is deemed to have passed on the death of an individual and which has to be aggregated for quantifying the value of the estate and for fixing the rate of duty. It has to be remembered that the word 'omission' appearing in s. 62 of the Act has a wider connotation and it has to be fully implemented so as to bring tax any property which has been omitted to be aggregated for purpose of levy of duty on the date of death. In one sense, it borders on escapement. That this is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
