Law: Wealth Tax Act, (XV of 1963)

Section: 14,17(1)(b),16(4)!,5),14(2)

Wealth Tax Act (XV of 1963)---Ss.17(1)(b), 16(4)!,5) & 14(2)---Wealth escaping assessment Initiation of proceedings under Ss. 14 & 16, Wealth Tax Act, 1963 on complaint without proper issuance of notice under S.17 of the Act -­Validity---Complaint had been lodged and in consequence of cognizance the Assessing Officer had obtained Bank statements---Notice under S.17(1)(b) of the Wealth Tax Act, 1963 was not issued which was legally necessary--- Assumption of jurisdiction without issuance of specific statutory notice under S.17(1)(b) of the Wealth Tax Act, 1963, had made the assessment under S.16(5) of the Wealth Tax Act, 1963 illegal, invalid and void---Assessment was annulled by. the Tribunal with the remarks that if the Department wanted to pursue its proceedings against the assessee/appellant, it would be at liberty to do so but only after issuing proper notices as per law. I.T.As. Nos. 286, 287 and 288/KB of 2000-2001 rel. 2002 PTD (Trib.) 168 ref. ORDER ABDUL GHAFOOR JUNEJO (ACCOUNTANT MEMBER).-----The appellant is aggrieved against a combined order of the learned CIT(A), Hyderabad Zone, Hyderabad, dated 16-7-2001 where under for the assessment years 1995-96 to 1999-2000 the order,. passed by the ACWT were confirmed by him. These orders impugned before us are challenged both on legal and factual plane. These orders of the authorities below have been perused and the learned representatives of both the parties have been heard at length. 2. The facts so far as relevant for the disposal of these appeals are that the appellant is an Assistant Professor at New Ali Garb College, Tando Adam. Against him a complaint has been received by the Department in which it was. allegedly complained that the appellant has deposited Rs.25,00,000 in Account No. PLS 4257 and in another account availed SNDR's Rs.50,00,000 at Allied Bank Ltd., Tando Adam. These amounts were allegedly deposited from 1st July, 1996 to November, 1997. The Bank statements of his account were obtained by the Department and it was concluded that the assessee had taxable assets under the Wealth Tax Act, 1963. Apart from the above the appellant has other assets consisting of one bungalow and Suzuki…

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