Law: Wealth Tax Act, 1957

Section: 25(1)

Section 25(1) of the Wealth-tax Act, 1957 - Revision - Assessment years 1957-58 and 1958-59 - Assessee-petitioner withdrew appeal filed before Tribunal against order of AAC and applied to Commissioner for revision of order of AAC but application was rejected summarily on ground that order sought to be revised was subject of appeal before Tribunal and consequently he had no jurisdiction to revise it - Whether since right conferred on assessee is to get validity of order of WTO or AAC tested at hands of Commissioner, unless question as to validity of order complained against is looked into or scrutinized by appellate authority or revisional authority, as case may be, it cannot be said that right conferred by Act is fully exercised or exhausted - Held, yes - Whether, therefore, mere filing of a competent appeal, in which a decision could be given by AAC would not take away revisional powers of Commissioner conferred under section 25 - Held, yes - Whether, in view of aforesaid Commissioner was not justified in dismissing revision application of petitioner in limine on ground taken by him, and consequently, impugned order was liable to be quashed - Held, yes FACTS The petitioner was assessed in the status of an individual for the assessment years 1957-58 and 1958-59. The petitioner in valuing the assets in the shares of certain companies had adopted a certain method of valuation. That method, however, was not accepted by the Wealth-tax Officer who rejected the valuation put by the petitioner on those assets. The Wealth-tax Officer adopted another method, estimated the value of those shares, and included that valuation in the value of net wealth estimated by the Wealth-tax Officer. The AAC rejected the appeals of the petitioner. Against the orders of the AAC the petitioner filed two appeals before the Tribunal on the ground inter alia, relating to the valuation of the assets made by the WTO. Subsequently on the petitioner's instructions, his chartered accountants sought permission of the Tribunal to withdraw the appeals. The Tribunal accordingly by a consolidated order dismissed the appeals for non-prosecution. The petitioner thereafter preferred two revisions before…

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