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Section 17 of the Wealth-tax Act, 1957 - Wealth escaping assessment - Position prior to 1-4-1989 - Assessment year 1974-75 - Assessee, an individual, filed wealth-tax return - WTO allowed exemption under section 5(1)(xxxii) in original assessment for one-third of assessee's interest in assets of firm which included land and building - Thereafter, after giving notice and considering submissions, he passed assessment order under section 16(3), read with section 17(1)(b), in which he allowed abovesaid exemption but value of land and building belonging to firm was excluded from assets of firm - On appeal, Commissioner (Appeals) upheld validity of reopening of assessment, but allowed exemption under section 5(1)(iv) instead of section 5(1)(xxxii) - On second appeal, Tribunal held that reopening was bad but, on merits, it upheld view of Commissioner (Appeals) - Whether if WTO has allowed any claim, subsequently on same material, he cannot reopen assessment on basis of mistake or change of opinion as that does not constitute 'information' within meaning of section 17(1)(b) - Held, yes - Whether since in instant case reopening of assessment was bad in law, whatever relief had been allowed, wrongly or rightly, i.e., under section 5(1)(xxxii), that remained - Held, yes Section 5(1) (iv) of the Wealth-tax Act, 1957 - Exemptions - House - Whether on facts stated under heading 'Wealth escaping assessment - Position prior to 1-4-1989', Commissioner (Appeals) and Tribunal were wrong in allowing exemption under section 5(1)(iv) as assessee was not owner of house or building - Held, yes FACTS The assessee, an individual, filed the wealth-tax return. The WTO allowed exemption under section 5(1)(xxxii) for one-third interest of the assessee in the assets of the firm which included land and building belonging to the firm. The WTO, thereafter, gave a notice of reopening the assessment and after hearing the submissions, an assessment order was passed under section 16(3), read with section 17(1)(b), and in reassessment while allowing deduction under section 5(1)(xxxii), the value of land and building was excluded from the assets of the firm. On appeal, the Commissioner (Appeals)…

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