Law:

Section:

Section 17(1)(a) of the Wealth-tax Act, 1957 - Reassessment - Non-disclosure of primary facts - There was an oral partition of an immovable property followed by a document in writing which was not registered by which a portion of said property was allocated to assessee's mother, and this fact was within knowledge of WTO at time of assessment for relevant years - Assessee had also received some compensation lot land acquired by State Government in respect of which assessee had made a disclosure under voluntary disclosure scheme and in consequence thereof assessee had been taxed by revenue in respect of wealth-tax - Subsequently, on basis of revenue audit party's report, WTO reopened assessment under section 17(1)(a) -Whether Tribunal was right in holding (i) that report of revenue audit party that transaction should not have been accepted as genuine by assessing authority could not be considered as information within meaning of section 17(1)(a); and (ii) that there was no omission or failure on part of assessee to disclose all material facts necessary for assessment of wealth of assessee in respect of said two items - Held, yes Section 27 of the Wealth-tax Act, 1957 - Reference - Question of fact - Whether in view of facts mentioned under aforesaid head 'Reassessment - Non-disclosure of primary facts any question of law arose from Tribunal's order - Held, no FACTS An oral family settlement had taken place on 24-10-1968 by which a portion of the property called 'Mardana Mahal' was allocated to the assessee's mother and subsequently the settlement was reduced into writing on 28-10-1969. The fact of family settlement was within the knowledge of the WTO at the time of assessment and the document dated 28-10-1969 was also produced before the assessing authority. The WTO accepted the contention of the assessee regarding the factum of the family settlement relating to the Mardana Mahal. The assessee had also received certain amount of compensation for the land acquired by the State Government which he had disclosed under the voluntary disclosure scheme and the said amount of compensation had already been taxed by the department both for the purpose of income-tax and…

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