https://www.taxtmi.com/caselaws?id=10932 The High Court upheld the Tribunal's decision to cancel reassessments, considering the compensation offered by the Government was not indicative of the property's market value due to dropped acquisition proceedings. It found the reassessment proceedings lacked concrete evidence of wealth escapement and were primarily based on a change of opinion by the Wealth-tax Officer. The valuation report was deemed unreliable, emphasizing the need for reliable valuation methods and concrete evidence in reassessment proceedings. Consequently, the reassessments were dismissed in favor of the assessee. en-us Thu, 15 Jul 2004 00:00:00 +0530 Tue, 28 Jul 2009 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=10932 The High Court upheld the Tribunal's decision to cancel reassessments, considering the compensation offered by the Government was not indicative of the property's market value due to dropped acquisition proceedings. It found the reassessment proceedings lacked concrete evidence of wealth escapement and were primarily based on a change of opinion by the Wealth-tax Officer. The valuation report was deemed unreliable, emphasizing the need for reliable valuation methods and concrete evidence in reassessment proceedings. Consequently, the reassessments were dismissed in favor of the assessee. Case-Laws Wealth-tax Thu, 15 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=10932