https://www.taxtmi.com/caselaws?id=65966 Reopening of wealth-tax assessments under section 17 required reason to believe that wealth had escaped assessment because the assessee failed to disclose fully and truly all material facts. Where unquoted shares were originally valued under section 7(1) read with rule 1D on the company's balance sheet, later disclosure of unaccounted stock by the company did not justify reworking the statutory valuation or disturbing the completed assessment. The mandatory balance-sheet method remained binding, and confidential or subsequently obtained information outside that material did not, by itself, show escapement attributable to nondisclosure by the shareholders. The reassessments were therefore invalid and their cancellation was upheld. en-us Sat, 04 Feb 1984 00:00:00 +0530 Sat, 19 Feb 2011 15:16:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65966 Reopening of wealth-tax assessments under section 17 required reason to believe that wealth had escaped assessment because the assessee failed to disclose fully and truly all material facts. Where unquoted shares were originally valued under section 7(1) read with rule 1D on the company's balance sheet, later disclosure of unaccounted stock by the company did not justify reworking the statutory valuation or disturbing the completed assessment. The mandatory balance-sheet method remained binding, and confidential or subsequently obtained information outside that material did not, by itself, show escapement attributable to nondisclosure by the shareholders. The reassessments were therefore invalid and their cancellation was upheld. Case-Laws Wealth-tax Sat, 04 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65966