https://www.taxtmi.com/caselaws?id=67832 Reassessment of wealth-tax requires a valid reason to believe that wealth escaped assessment, supported by subsequent material and not merely by a later view on valuation. Here, the Revenue sought to reopen the assessee's assessment on the basis that the firm's closing stock should have been valued at market value under rule 2B(2), increasing the assessee's share of wealth. The Tribunal found that the firm's assessment had already been completed before the assessee's original assessment and that no fresh information, later investigation, or other material was shown to justify reopening. In the absence of such material, the notice under section 17(1)(b) was invalid and reassessment could not proceed. en-us Wed, 22 Sep 1982 00:00:00 +0530 Mon, 14 Mar 2011 18:42:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67832 Reassessment of wealth-tax requires a valid reason to believe that wealth escaped assessment, supported by subsequent material and not merely by a later view on valuation. Here, the Revenue sought to reopen the assessee's assessment on the basis that the firm's closing stock should have been valued at market value under rule 2B(2), increasing the assessee's share of wealth. The Tribunal found that the firm's assessment had already been completed before the assessee's original assessment and that no fresh information, later investigation, or other material was shown to justify reopening. In the absence of such material, the notice under section 17(1)(b) was invalid and reassessment could not proceed. Case-Laws Wealth-tax Wed, 22 Sep 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67832