https://www.taxtmi.com/caselaws?id=12212 The Court ruled in favor of the Revenue regarding the deduction under section 5(1)(iv) of the Wealth-tax Act, denying the deduction as the assessee was not the owner of the property. However, the Court sided with the assessee on the validity of reopening the assessment under section 17(1)(b), holding that a mere change of opinion does not justify reopening and that without new material, reassessment was unwarranted. The original relief granted to the assessee was upheld, emphasizing that the Wealth-tax Officer lacked authority to alter relief without a valid reassessment. en-us Wed, 03 Jul 2002 00:00:00 +0530 Fri, 19 Feb 2010 13:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12212 The Court ruled in favor of the Revenue regarding the deduction under section 5(1)(iv) of the Wealth-tax Act, denying the deduction as the assessee was not the owner of the property. However, the Court sided with the assessee on the validity of reopening the assessment under section 17(1)(b), holding that a mere change of opinion does not justify reopening and that without new material, reassessment was unwarranted. The original relief granted to the assessee was upheld, emphasizing that the Wealth-tax Officer lacked authority to alter relief without a valid reassessment. Case-Laws Wealth-tax Wed, 03 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12212