Law: Wealth Tax Act, (XV of 1963)

Section: 17B,35

Taxability of capital work in progress -- Finalization of C.A.T. assessment by not including capital work in progress in assets found liable to such levy by D.C.W.T. -- Setting aside assessment by C.W.T (A) -- Following Full Bench of Tribunal D.C.W.T. previous assessment order was rectified and capital work in progress was subjected to C.A.T. levy -- In appeal C.W.T. (A) confirmed C.A.T. levy through rectified order but deleted penalty/additional tax -- Upholding C.W.T.'s order by Accountant Member -- validity - ` Assessment by D.C.W.T. including capital work in progress -- Setting aside assessment -- Rejection of appeal on matter of C.A.T. and deletion of additional tax/penalty by C.I.T. (A) -- Validity -- Assessee filed nil return for purpose of C.A.T. which was accepted by D.C.W.T. -- Capital work in progress was not included by assessee in assets held liable to C.A.T. and D.C.W.T. accepted assessee's contention -- Tribunal rectified previous assessment order and capital work in progress was included in value of assets for charge of C.A.T. -- Penalty and additional tax was also charged -- In appeal C.W.T. (A) confirmed C.A.T. but deleted penalty/additional tax -- Accountant Member upheld C.W.T.'s order -- Legality -- Whether action taken by Wealth Tax Officer in rectifying assessment order on basis of Full Bench decision of Tribunal is illegal and void in view of of Supreme Court -- Held yes -- Whether in this Apex Court of country has clearly held that past and closed transaction in case cannot be reopened on basis of of court delivered subsequently in some other case -- Held yes -- Whether of Supreme Court is squarely applicable to instant case -- Held yes -- Whether rectification order passed by Assessing Officer was annulled which would mean that levy of C.A.T. as well as penalty and additional tax stood deleted -- Held yes -- Rectification of mistake -- Stare decisis, principle of -- Applicability -- Assessee, in the present case filed nil return for the purpose of Corporate Assets Tax which was accepted by the Deputy Commissioner of Wealth Tax -- Capital work in progress was not included by the assessee in the assets held liable to Capital Assets Tax…

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