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Wealth tax-- ---Notice to reassess--Information--Communication issued by Deputy Director of Inspection, Special Cell, can be treated as information. Tax L R 982 (Cal.) fol. (1980) 126 I T R 580 distinguished. ORDER Purushottam Das Bangur, the petitioner herein is the karta of a Hindu undivided family known as Purushottamdas Bangur H.U.F. 2. The said family is an assessee under the Wealth Tax Act, 1957. For the assessment year 1970-71, Wealth Tax Return of the said family was filed on the 29th September, 1970 showing a net wealth of Rs.11,58,454 on the relevant valuation date being the 31st March, 1970. The wealth of the petitioner consisted inter alia of shares in various joint stock companies held by the said family being both quoted and unquoted shares. 3. The quoted shares were valued as on the date of valuation at the market rate prevailing, based on the official market quotation lists of recognised Stock Exchanges. The unquoted shares were valued according to valuation reports of valuers. 4. An order of assessment was passed on the 29th September, 1972 by the Wealth Tax Officer, Central Circle-I, Calcutta whereby the family was assessed to wealth tax on a net wealth of Rs.15,22,360. 5. An appeal preferred from the said assessment by the petitioner challenging inter alia the valuation of unquoted shares of two companies and the disallowance of exemption under section 5(i) (viii) of the Wealth Tax Act in respect of jewellery was allowed by an order, dated 17th August, 1973 from which a further appeal has been preferred by the Wealth Tax Officer before the Income-tax Appellate Tribunal. 6. The Wealth Tax Officer, 'P' Ward District 1 (i) Calcutta to -whom the case and file of the petitioner was transferred in October, 1973, thereafter, issued a notice, dated 25th March, 1975 under section 17 of the Wealth Tax Act as follows:- "I have reason to believ-8 that your net wealth chargeable to tax for the assessment year 1910-71 has escaped assessment within the meaning of section 17 of the Wealth Tax Act. I, therefore, propose to reassess the said net wealth that has so escaped assessment. I hereby request you to deliver to me within 35 days of the receipt of the…

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