https://www.taxtmi.com/caselaws?id=214045 The Madras High Court set aside the Tribunal's order in a case involving the disclosure of material facts for the assessment year 1992-93 under the Wealth Tax Act. The court found that the reassessment lacked a valid basis as there was no failure on the appellant's part to disclose all relevant information. The court also determined that the invocation of Section 17 for reassessment was unjustified and resembled a review rather than a valid reassessment. Consequently, the court ruled in favor of the appellant, allowing the Tax Case Appeal without imposing any costs. en-us Mon, 16 Apr 2012 00:00:00 +0530 Sat, 16 Jun 2012 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214045 The Madras High Court set aside the Tribunal's order in a case involving the disclosure of material facts for the assessment year 1992-93 under the Wealth Tax Act. The court found that the reassessment lacked a valid basis as there was no failure on the appellant's part to disclose all relevant information. The court also determined that the invocation of Section 17 for reassessment was unjustified and resembled a review rather than a valid reassessment. Consequently, the court ruled in favor of the appellant, allowing the Tax Case Appeal without imposing any costs. Case-Laws Wealth-tax Mon, 16 Apr 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214045