https://www.taxtmi.com/caselaws?id=15159 The High Court affirmed the Commissioner's jurisdiction to revise unaddressed aspects of assessment orders under section 25(2) of the Wealth-tax Act, citing a retrospective amendment that extended the Commissioner's powers beyond matters considered in appeal. Additionally, the court upheld the validity of rule 2B(2) under the Act, emphasizing the requirement to assess asset values based on market prices rather than book values. The court dismissed the writ petitions challenging the Commissioner's jurisdiction and the validity of rule 2B(2), highlighting the legislative intent to tax market values and the precedence of statutory provisions over accounting practices in determining tax liabilities. en-us Fri, 26 Nov 1999 00:00:00 +0530 Mon, 03 Aug 2009 13:43:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15159 The High Court affirmed the Commissioner's jurisdiction to revise unaddressed aspects of assessment orders under section 25(2) of the Wealth-tax Act, citing a retrospective amendment that extended the Commissioner's powers beyond matters considered in appeal. Additionally, the court upheld the validity of rule 2B(2) under the Act, emphasizing the requirement to assess asset values based on market prices rather than book values. The court dismissed the writ petitions challenging the Commissioner's jurisdiction and the validity of rule 2B(2), highlighting the legislative intent to tax market values and the precedence of statutory provisions over accounting practices in determining tax liabilities. Case-Laws Wealth-tax Fri, 26 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15159