Reopening on external information: higher authority's valuation opinion counts as information under estate duty reassessment law.

A higher revenue authority's opinion on the valuation of securities was treated as "information" for reopening under section 59 of the Estate Duty Act, 1953. The expression was construed consistently with analogous income-tax reopening provisions to mean knowledge or instruction from an external source bearing on assessment facts, law, or particulars. On that basis, the Board of Revenue's view on correct valuation was not a mere change of opinion by the assessing authority and could justify reopening of the completed assessment. The contrary view that such opinion was not information was rejected.

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Issues: Whether the opinion expressed by the Central Board of Revenue on the valuation of the securities constituted "information" within the meaning of section 59 of the Estate Duty Act, 1953, so as to justify reopening of the completed assessment.

Analysis: The expression "information" in the reopening provision was construed in the same sense as in analogous provisions of the income-tax law, namely, knowledge or instruction derived from an external source concerning facts, particulars, or law bearing on the assessment. A higher authority's view on the correct valuation was held to be material information and not a mere change of opinion by the assessing authority. Since section 59 was in pari materia with the corresponding reopening provisions under the income-tax enactments, the Board's opinion on valuation fell within the statutory expression.

Conclusion: The Board of Revenue's opinion was held to be "information" for the purpose of section 59, and the High Court's contrary view on this point was rejected.

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