https://www.taxtmi.com/caselaws?id=350362 The ITAT Delhi quashed the initiation of reassessment proceedings under section 17 of the Wealth Tax Act and deleted all additions made in the reassessment order for the assessment year 2006-2007. The tribunal held that the reopening was invalid as reasons were not provided within the statutory time frame. Additionally, the ITAT found in favor of the assessee regarding the addition on merit, citing failure by the department to rebut the submissions and highlighting a similar case where such additions were deleted. The appeal of the assessee was allowed, overturning the decisions of the lower authorities. en-us Wed, 11 Oct 2017 00:00:00 +0530 Sat, 04 Nov 2017 08:36:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350362 The ITAT Delhi quashed the initiation of reassessment proceedings under section 17 of the Wealth Tax Act and deleted all additions made in the reassessment order for the assessment year 2006-2007. The tribunal held that the reopening was invalid as reasons were not provided within the statutory time frame. Additionally, the ITAT found in favor of the assessee regarding the addition on merit, citing failure by the department to rebut the submissions and highlighting a similar case where such additions were deleted. The appeal of the assessee was allowed, overturning the decisions of the lower authorities. Case-Laws Wealth-tax Wed, 11 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350362