Law: Wealth Tax Act, (XV of 1963)

Section: 16,16(5)

Wealth Tax Act (XV of 1963)---S. 16(5)---Assessment---Setting aside of---Assessing Officer had not taken pains to verify the evidence from the concerned sources and from the persons whose particulars were duly provided by the assessee for confirming the authenticity of the documents---Assessment had been set aside in view of the defects and deficiencies narrated in the detailed order recorded by the First Appellate Authority---Validity---Order of First Appellate Authority did not warrant interference as no specific finding could be recorded for want of verification of the evidence placed on record before the officers below---While confirming the setting aside order, Appellate Tribunal further directed that specific finding may also be recorded in this context along with the issue of permission instead of approval for being mandatory requirement of law. ORDER Heard Mr. Abdul Tahir Ansari and Mr. Gohar Ali, learned Income Tax Practitioner and D.R. respectively. The assessment for the assessment year 1998-99…

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