https://www.taxtmi.com/caselaws?id=15294 Reassessment under the Wealth-tax Act was examined against the statutory limits for reopening on alleged non-disclosure and on the basis of an internal audit note. The text states that reopening under section 17(1)(a) requires a genuine failure by the assessee to disclose material facts fully and truly, while section 17(1)(b) requires valid information within the prescribed time and not merely an audit opinion on law. It also notes that the character of land as agricultural is determined from the totality of surrounding facts, including prior treatment, returns, cultivation records, crops, and irrigation evidence. On those principles, the reassessments were unsustainable and the lands were treated as agricultural. en-us Tue, 30 Nov 1999 00:00:00 +0530 Tue, 04 Aug 2009 14:14:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15294 Reassessment under the Wealth-tax Act was examined against the statutory limits for reopening on alleged non-disclosure and on the basis of an internal audit note. The text states that reopening under section 17(1)(a) requires a genuine failure by the assessee to disclose material facts fully and truly, while section 17(1)(b) requires valid information within the prescribed time and not merely an audit opinion on law. It also notes that the character of land as agricultural is determined from the totality of surrounding facts, including prior treatment, returns, cultivation records, crops, and irrigation evidence. On those principles, the reassessments were unsustainable and the lands were treated as agricultural. Case-Laws Income Tax Tue, 30 Nov 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15294