Law:

Section:

Section 16A of the Wealth-tax Act, 1957 - Valuation Officer - Reference to - Assessment years 1965-66 to 1974-75 - Whether Valuation Officers are under a statutory duty to issue notice to assessees, give them an opportunity to object to proposed official valuation, examine evidence pro and con tendered by assessees, and give them a fair hearing before drawing up orders of valuation - Held, yes - On reference made by WTO, valuation officer passed order valuing item of property in question without issuing notices to assessees and without giving them opportunity to be heard - Based on said valuation made by Valuation Officer, WTO passed assessment order - Whether valuation order and assessments made on its basis were in violation of section 16A and hence had to be quashed and set aside - Held, yes Section 17A of the Wealth-tax Act, 1957 - Reassessment - Time limit for completion of - Assessment years 1965-66 to 1974-75 - Whether bar of limitation prescribed under Act for completion of assessment would not be applicable to order of High Court passed under article 226 of Constitution - Held, yes FACTS For the assessment year in question the WTO made references to Valuation Officers in the matter of valuation of lands, buildings and certain other assets belonging to one or other of the partnership firms in which the petitioners had their interests as partners. In accordance with the reports of the valuation officer the WTO determined the value of the partnership interests in question, and completed the assessments on the petitioners. In the instant writ petitions, the orders passed by the Valuation Officers and the consequential assessments made by the WTO were questioned principal on ground that the orders passed by the Valuation Officers were in violation of even the minimum requisites of a fair hearing laid down in section 16A. HELD The jurisdiction and procedure in valuation proceedings are clear-cut under the section 16A. Where, according to the Valuation Officer, the value of an asset is higher than that declared by the assessee in his return the higher valuation cannot be determined by the Valuation Officer in his order as the valuation of that asset unless he…

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