Law:

Section:

Section 17(1)(a) of the Wealth-tax Act, 1957 - Reassessment - Non-disclosure of primary facts - Assessment years 1978-79 and 1979-80 - WTO reopened assessments of assessee on basis that value of assessee's agricultural land was taken at Rs. 4,85,000 for assessment year 1978-79 and Rs. 5,82,000 for assessment year 1979-80 against Rs. 13,31,030 as valued by agricultural approved valuer and, hence, there was escapement of wealth - Record showed that valuation report by which agricultural land held by assessee was valued at Rs. 13,31,030 had been considered by WTO for relevant assessment years and thereafter wealth-tax assessment orders were passed - Whether reopening of assessments was justified - Held, no FACTS For the assessment years 1978-79 and 1979-80. the WTO reopened the assessments of the assessee on the basis that value of the assessee's agricultural land was taken at Rs. 4.85,000 for the assessment year 1978-79 and Rs. 5,82,000 for the assessment year 1979-80 against Rs. 13,31,030 as valued by the agricultural approved valuer and, hence, the same had escaped assessment. On writ : HELD It was apparent from the records that the valuation report by which agricultural land held by the assessee was valued at Rs. 13,31,030 had been considered by the WTO for the relevant assessment years and thereafter the wealth-tax assessment orders were passed. The AAC had also considered the valuation report. Therefore, for the WTO there was no reason to believe that net wealth chargeable to tax had escaped assessment because of failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment of net wealth. Hence, the reassessment proceedings were set aside. J.P. Shah for the Applicant. M. J. Thakore for the Respondent. JUDGMENT Shah, J.-The petitioner has challenged the notices (Exs. M1 & M2), dated 20-2-1987, issued by the WTO under section 17 of the Wealth-tax Act. 1957 ('the Act') on the basis that value of the agricultural land is taken at Rs. 4.85,000 for the assessment year 1978-79 and Rs. 5,82.000 for the assessment year 1979-80 against Rs. 13,21,000 as valued by the agricultural approved valuer. Hence, the same has…

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