https://www.taxtmi.com/caselaws?id=188958 The High Court upheld the validity of the initiation of proceedings under section 17 of the Wealth Tax Act for the assessment years 1973-74 to 1977-78. The Court rejected the Tribunal's finding that the initiation of proceedings was based on a change of opinion by the Wealth Tax Officer regarding the assessee's entitlement to benefits under the Income Tax Act. Emphasizing the reasonable belief of the WTO that the assessee was not exempt under the Wealth Tax Act, the Court ruled in favor of the Revenue, concluding that the initiation of proceedings under section 17 was valid. en-us Wed, 24 Apr 1991 00:00:00 +0530 Wed, 21 Dec 2016 18:14:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188958 The High Court upheld the validity of the initiation of proceedings under section 17 of the Wealth Tax Act for the assessment years 1973-74 to 1977-78. The Court rejected the Tribunal's finding that the initiation of proceedings was based on a change of opinion by the Wealth Tax Officer regarding the assessee's entitlement to benefits under the Income Tax Act. Emphasizing the reasonable belief of the WTO that the assessee was not exempt under the Wealth Tax Act, the Court ruled in favor of the Revenue, concluding that the initiation of proceedings under section 17 was valid. Case-Laws Income Tax Wed, 24 Apr 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188958