Law:

Section:

Section 17 of the Wealth-Tax Act, 1957 - Wealth escaping assessment It is not open to Assessing Officer to call for report of Valuation Officer after assessment proceedings are completed and use that report to commence proceedings for reassessment; however in cases where report was called for during pendency of proceedings but received subsequent to completion of assessment, law is that such report/order can be basis for issuing notice for reopening assessment under section 17(1) It is not open to the Assessing Officer to call for the report of the Valuation Officer after the assessment proceedings are completed and use that report to commence proceedings for reassessment. The jurisdiction conferred on the Assessing Officer is limited to calling for the report when the proceeding are pending and not when the WTO becomes functus officio. Such exercise cannot be resorted to after the assessment is completed as it would be without jurisdiction. A report called by an authority having no jurisdiction would be a nullity at law and consequently proceedings based solely on such report, considering the requirement of section 17, would be illegal and will have to be quashed. The report of the DVO in such circumstances cannot constitute 'reason to believe' to reopen a concluded assessment. The position in law insofar as report which is called for but not received during the pendency of the proceedings but received subsequent to the proceeding is concerned, will have to be treated differently. The WTO has to, in some circumstances, complete the proceedings for assessment within the time-limit set out under the Act. In these circumstances, if the report is called for and the report is not received, the time for completing the assessment proceedings is not saved. The WTO in such circumstances, if he completes the order of assessment before the report is received, cannot be precluded from considering the said report as information for the purpose of issuing notice for reassessment under section 17(1). A.S. Rao and P.S. Sahadevan for the Appellant. A.K. Jasani and S.N. Inamdar for the Respondent. JUDGMENT F.I. Rebello, J.:-All these appeals are being disposed of by this common…

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