Law:

Section:

Section 25 of the Wealth-tax Act, 1957 - Revision by Commissioner - Assessment year 1977-78 - After completion of original assessment, assessee filed revised return stating that share of immovable properties inherited from his father was left out inadvertently - Reassessment was completed accordingly - Commissioner exercising jurisdiction under section 25 set aside reassessment order on ground that question of valuation of interest of assessee in one theatre had not been gone into assessee's case was that order revising assessment was not justified as question of valuation of his interest in theatre stood settled in original assessment - Whether order of Commissioner could not be sustained - Held, yes FACTS The assessee filed his wealth-tax return for the assessment year 1977-78 declaring net wealth and the assessment was completed under section 16(3) on 8-3-1978. Thereafter, he filed a revised return stating that while preparing the original return the share of immovable properties inherited from his father was left out inadvertently. Thus, the WTO completed reassessment on 12-2-1980. Thereafter, the Commissioner, exercising jurisdiction under section 25, set aside the assessment dated 12-2-1980 on the ground that the question of valuation of interest of the assessee in theatre in question had not been gone into. In appeal the assessee concluded that the order revising the assessment was not justified, as the question of valuation of his interest in theatre stood settled in the original order of assessment dated 8-3-1978. The Tribunal held that since the order sought to be revised did not deal with the question of valuation of interest of the assessee which question was involved at the time of the original assessment finalized vide order dated 8-3-1978, the order of the Commissioner could not be sustained. On reference : HELD Admittedly, the Commissioner had revised the order dated 12-2-1980 which had been passed to regularize the revised return by issuing a notice under section 17 to tax only the share of immovable properties inherited by the assessee from his father which had earlier been left out inadvertently. The order of the WTO, thus, did not deal with…

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