Law:

Section:

Wealth Tax Act (XV of 1963)--- ----Ss.17A(2)(b) & 14---Time limit for completion of assessment and re­assessment---Return of wealth---First Appellate Authority cancelled the assessments on the ground that notice under S.14(2) of the Wealth Tax Act, 1963 was served on 28-2-1997 but assessment was framed on 23-12-1999---According to S.17A(2)(b) of the Wealth Tax Act, 1963 same should have been made before 3-6-1998---Assessment order was hit by mischief of S.17A(2)(b) of the Wealth Tax Act, 1963 as assessment was related to the preceding years and not current year, therefore, issuance of notice under S.17 of the Wealth Tax Act, 1963 was a pre­requisite which was not fulfilled and only notice under S.14(2) of the Wealth Tax Act, 1963 was issued---Order passed by the First Appellate Authority was unexceptionable and was not interfered by the Appellate Tribunal---Departmental appeals were dismissed being devoid of merits. I.T.A.T's. No. 1107/LB of 1999 ref. ORDER MAZHAR FAROOQ SHIRAZI (ACCOUNTANT MEMBER).-­These three appeals have been filed by the department for the assessment years 1992-93 to 1994-95 against an order passed by the learned First Appellate Authority to agitate the cancellation of assessments. 2. The brief facts of the case are that no suo motu returns were for the years under consideration. The Assessing Officer issued notice under section 14(2) for filing of the returns which was served on 23-2-1997. In response to notices under sections 16(2) and 16(4) the assessee pleaded before the Assessing Officer that the assessments were time-barred. This plea was not accepted by the Assessing Officer for various reasons given in the assessment order. The assessments were consequently finalized at total wealth of Rs.2,116,600 each for the three years under consideration. The assessee being aggrieved went in appeal before the learned first appellate authority who cancelled the assessments framed by the Assessing Officer as being time barred. 3. The learned D.R. has submitted that the learned CIT (A) was not justified to cancel the assessments as…

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