Law:

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Section 4 of the Wealth-tax Act, 1957 - Deemed wealth - Assessment year 1983-84 - Commissioner set aside assessment order holding that same was erroneous and prejudicial to interest of revenue as assessee had failed to include value of certain gold ornaments in his net wealth - He rejected explanation of assessee that said ornaments belonged to his wife and were her stridhan, on ground that she had no source of income and father of assessee had not shown any expenses at time of marriage - Tribunal set aside order of Commissioner holding that value of old ornaments was included in taxable wealth of assessee's wife and tax levied thereon was paid by her and that it was quite common and customary in Indian families that parents and other relatives gave gold ornaments on occasion of wedding of a female of a family and mere absence of entries in books of father could not lead to conclusion that no ornaments were given to assessee's wife at time of her wedding which took place in year 1974 when rate of gold ornaments was very meager - Whether in view of findings of Tribunal and further, in absence of any material to suspect ownership of gold ornaments claimed by assessee's wife as belonging to her, Commissioner's order was rightly quashed and there was no infirmity in order of Tribunal - Held, yes Section 25 of the Wealth-tax Act, 1957 - Revision by Commissioner - Assessment year 1983-84 - Whether revisional jurisdiction cannot be invoked by authority to find out as to whether order of Assessing Officer is erroneous or not - Held, yes FACTS The assessee filed his return of wealth for the assessment year 1983-84 and was assessed on net wealth under section 16(1). Thereafter, the Commissioner initiated action under section 25(2) in context of certain gold ornaments declared by the wife of the assessee. The Commissioner rejected the explanation of the assessee that the ornaments belonged to his wife and were her stridhan since she had no source of income and the father of the assessee had not shown any expenses at the time of marriage. He, thus, concluded that the Assessing Officer had not made proper inquiries regarding the extent and ownership of gold ornaments and…

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