https://www.taxtmi.com/caselaws?id=202206 The appeals challenging revised wealth-tax assessments were dismissed by the Tribunal. The assessments were upheld under section 17(1A)(iii) of the Wealth-tax Act, 1957, as the net wealth that escaped assessment exceeded Rs. 10 lakhs and the original assessments were completed within 10 years. The reopening of assessments was justified based on the assessee's admission of a higher property value in income-tax assessment, benefiting from a lower tax liability. The court held that the assessments were not time-barred, leading to the dismissal of the appeals. en-us Tue, 25 Aug 2009 00:00:00 +0530 Thu, 27 Dec 2012 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202206 The appeals challenging revised wealth-tax assessments were dismissed by the Tribunal. The assessments were upheld under section 17(1A)(iii) of the Wealth-tax Act, 1957, as the net wealth that escaped assessment exceeded Rs. 10 lakhs and the original assessments were completed within 10 years. The reopening of assessments was justified based on the assessee's admission of a higher property value in income-tax assessment, benefiting from a lower tax liability. The court held that the assessments were not time-barred, leading to the dismissal of the appeals. Case-Laws Wealth-tax Tue, 25 Aug 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202206