https://www.taxtmi.com/circulars?id=8704 Reopen wealth-tax assessments when a later valuer's certificate reveals taxable net wealth or shows higher valuations for earlier years due to incorrect particulars or a different valuation basis. If the higher valuation stems from incorrect particulars of wealth, reopen earlier assessments. If the increase arises from a different valuation basis and exceeds the prescribed variation threshold, require a plausible explanation; absent such explanation, reopen earlier assessments. Where assessments are reopened on the valuation-basis ground, do not initiate penalty proceedings. en-us Mon, 22 Jun 1970 00:00:00 +0530 Wed, 25 May 2011 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=8704 Reopen wealth-tax assessments when a later valuer's certificate reveals taxable net wealth or shows higher valuations for earlier years due to incorrect particulars or a different valuation basis. If the higher valuation stems from incorrect particulars of wealth, reopen earlier assessments. If the increase arises from a different valuation basis and exceeds the prescribed variation threshold, require a plausible explanation; absent such explanation, reopen earlier assessments. Where assessments are reopened on the valuation-basis ground, do not initiate penalty proceedings. Circulars Income Tax Mon, 22 Jun 1970 00:00:00 +0530 https://www.taxtmi.com/circulars?id=8704