https://www.taxtmi.com/caselaws?id=67848 Reassessment under section 17(1)(b) of the Wealth-tax Act, 1957 was held invalid where the reopening was based on a firm's assessment order and alleged undervaluation of closing stock under rule 2B(2) of the Wealth-tax Rules, 1957. The relevant material on the firm's closing stock valuation, gross profit rate, and valuation method was already before the common assessing authority when the assessee's original assessment was made, and no fresh or subsequent information from later enquiry or investigation was shown. On those facts, the Tribunal treated the material as not constituting subsequent information, so the reopening failed. en-us Thu, 10 Feb 1983 00:00:00 +0530 Tue, 15 Mar 2011 10:23:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67848 Reassessment under section 17(1)(b) of the Wealth-tax Act, 1957 was held invalid where the reopening was based on a firm's assessment order and alleged undervaluation of closing stock under rule 2B(2) of the Wealth-tax Rules, 1957. The relevant material on the firm's closing stock valuation, gross profit rate, and valuation method was already before the common assessing authority when the assessee's original assessment was made, and no fresh or subsequent information from later enquiry or investigation was shown. On those facts, the Tribunal treated the material as not constituting subsequent information, so the reopening failed. Case-Laws Wealth-tax Thu, 10 Feb 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67848