https://www.taxtmi.com/caselaws?id=67402 The Tribunal upheld the AAC's decision, ruling in favor of the assessee and dismissing the Revenue's appeals. The reassessment proceedings for the years 1978-79 to 1981-82 were canceled as the conditions for invoking section 17(1)(b) of the Wealth Tax Act were not met. The Tribunal emphasized the importance of disclosed information during the original assessment and highlighted that a mere change of opinion by the assessing officer does not justify reopening assessments. The High Court upheld the Tribunal's decision, underscoring the significance of disclosed facts and the absence of new information in reassessment proceedings. en-us Tue, 21 Nov 1989 00:00:00 +0530 Thu, 10 Mar 2011 14:10:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67402 The Tribunal upheld the AAC's decision, ruling in favor of the assessee and dismissing the Revenue's appeals. The reassessment proceedings for the years 1978-79 to 1981-82 were canceled as the conditions for invoking section 17(1)(b) of the Wealth Tax Act were not met. The Tribunal emphasized the importance of disclosed information during the original assessment and highlighted that a mere change of opinion by the assessing officer does not justify reopening assessments. The High Court upheld the Tribunal's decision, underscoring the significance of disclosed facts and the absence of new information in reassessment proceedings. Case-Laws Wealth-tax Tue, 21 Nov 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67402