https://www.taxtmi.com/caselaws?id=9787 The Tribunal held that the Commissioner of Wealth-tax (Appeals) was required to refer the matter of property valuation to the Valuation Officer before enhancing the value. The High Court affirmed this, stating that such a reference was mandatory. The Court ruled that the assessee could not challenge the valuation in penalty proceedings after accepting it without further challenge. However, the penalties imposed under section 18(1)(c) of the Wealth-tax Act were deleted as the enhanced valuation was in doubt, and there was no intent to conceal wealth. The decisions favored the assessee on questions 1 and 3 but favored the Revenue on question 2. en-us Fri, 30 Sep 2005 00:00:00 +0530 Wed, 01 Jul 2009 09:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9787 The Tribunal held that the Commissioner of Wealth-tax (Appeals) was required to refer the matter of property valuation to the Valuation Officer before enhancing the value. The High Court affirmed this, stating that such a reference was mandatory. The Court ruled that the assessee could not challenge the valuation in penalty proceedings after accepting it without further challenge. However, the penalties imposed under section 18(1)(c) of the Wealth-tax Act were deleted as the enhanced valuation was in doubt, and there was no intent to conceal wealth. The decisions favored the assessee on questions 1 and 3 but favored the Revenue on question 2. Case-Laws Wealth-tax Fri, 30 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9787