https://www.taxtmi.com/caselaws?id=10432 The court upheld the reopening of assessment under section 17 of the Wealth-tax Act due to a retrospective amendment, allowing for revaluation of assets beyond jewellery. It affirmed that actions under sections 17 and 35 can overlap, granting the Assessing Officer jurisdiction to choose the appropriate section. The court emphasized that once an assessment is reopened, the entire assessment can be revised, not limited to the initial issue. Ultimately, the court ruled in favor of the Revenue, permitting revaluation of assets other than jewellery during reassessment proceedings, emphasizing the comprehensive nature of reassessment. en-us Tue, 07 Sep 2004 00:00:00 +0530 Wed, 15 Jul 2009 18:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10432 The court upheld the reopening of assessment under section 17 of the Wealth-tax Act due to a retrospective amendment, allowing for revaluation of assets beyond jewellery. It affirmed that actions under sections 17 and 35 can overlap, granting the Assessing Officer jurisdiction to choose the appropriate section. The court emphasized that once an assessment is reopened, the entire assessment can be revised, not limited to the initial issue. Ultimately, the court ruled in favor of the Revenue, permitting revaluation of assets other than jewellery during reassessment proceedings, emphasizing the comprehensive nature of reassessment. Case-Laws Wealth-tax Tue, 07 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10432