Reopening wealth-tax assessments where later valuer certificates disclose higher valuations triggers reassessment or enquiry under reopening provisions. Reopen wealth-tax assessments when a later valuer's certificate reveals taxable net wealth or shows higher valuations for earlier years due to incorrect particulars or a different valuation basis. If the higher valuation stems from incorrect particulars of wealth, reopen earlier assessments. If the increase arises from a different valuation basis and exceeds the prescribed variation threshold, require a plausible explanation; absent such explanation, reopen earlier assessments. Where assessments are reopened on the valuation-basis ground, do not initiate penalty proceedings.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reopening wealth-tax assessments where later valuer certificates disclose higher valuations triggers reassessment or enquiry under reopening provisions.
Reopen wealth-tax assessments when a later valuer's certificate reveals taxable net wealth or shows higher valuations for earlier years due to incorrect particulars or a different valuation basis. If the higher valuation stems from incorrect particulars of wealth, reopen earlier assessments. If the increase arises from a different valuation basis and exceeds the prescribed variation threshold, require a plausible explanation; absent such explanation, reopen earlier assessments. Where assessments are reopened on the valuation-basis ground, do not initiate penalty proceedings.
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