https://www.taxtmi.com/caselaws?id=63347 The Tribunal upheld the validity of assessments for the years 1964-65 to 1974-75, ruling in favor of the WTO's jurisdiction to reassess returns filed on 26-3-1979. The Tribunal granted exemption for the value of shares and directed the deduction under section 5(1)(iv) of the Wealth-tax Act. However, the Tribunal rejected the claim for a 10% reduction in market value due to property size and ordered a reevaluation of the addition of Rs. 1,04,805 for jagir compensation. The Accountant Member deemed the assessments illegal due to time limitations, a view supported by the Third Member, leading to a referral back for further decision. en-us Wed, 28 Jan 1987 00:00:00 +0530 Sat, 29 Jan 2011 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63347 The Tribunal upheld the validity of assessments for the years 1964-65 to 1974-75, ruling in favor of the WTO's jurisdiction to reassess returns filed on 26-3-1979. The Tribunal granted exemption for the value of shares and directed the deduction under section 5(1)(iv) of the Wealth-tax Act. However, the Tribunal rejected the claim for a 10% reduction in market value due to property size and ordered a reevaluation of the addition of Rs. 1,04,805 for jagir compensation. The Accountant Member deemed the assessments illegal due to time limitations, a view supported by the Third Member, leading to a referral back for further decision. Case-Laws Wealth-tax Wed, 28 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63347