https://www.taxtmi.com/caselaws?id=10715 The court held that the Commissioner lacked jurisdiction to issue the notice under section 25(2) of the Wealth-tax Act as the original assessment by the Wealth-tax Officer was not erroneous. The valuation of the interest in partnership firms for wealth tax purposes was upheld to be based on book value rather than market value. The court emphasized the importance of procedural fairness, requiring a fresh notice to ensure the appellant's right to be heard. Consequently, the court invalidated the Commissioner's notice and final assessment order, granting the appeal and writ petition while rejecting the prayer for stay. en-us Fri, 06 Feb 2004 00:00:00 +0530 Wed, 22 Jul 2009 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10715 The court held that the Commissioner lacked jurisdiction to issue the notice under section 25(2) of the Wealth-tax Act as the original assessment by the Wealth-tax Officer was not erroneous. The valuation of the interest in partnership firms for wealth tax purposes was upheld to be based on book value rather than market value. The court emphasized the importance of procedural fairness, requiring a fresh notice to ensure the appellant's right to be heard. Consequently, the court invalidated the Commissioner's notice and final assessment order, granting the appeal and writ petition while rejecting the prayer for stay. Case-Laws Wealth-tax Fri, 06 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10715