https://www.taxtmi.com/caselaws?id=16135 Reassessment under section 17(1)(b) of the Wealth-tax Act was unsustainable where the Wealth-tax Officer had already applied his mind to the valuation issue in the original assessment and the audit objection did not constitute fresh information. Rule 1BB of the Wealth-tax Rules was treated as retrospective and applicable to pending assessment proceedings, so the statutory formula for valuation governed the case. On the facts stated, these principles meant the reopening could not be justified and the reassessment failed. en-us Mon, 02 Mar 1998 00:00:00 +0530 Tue, 01 Sep 2009 13:14:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16135 Reassessment under section 17(1)(b) of the Wealth-tax Act was unsustainable where the Wealth-tax Officer had already applied his mind to the valuation issue in the original assessment and the audit objection did not constitute fresh information. Rule 1BB of the Wealth-tax Rules was treated as retrospective and applicable to pending assessment proceedings, so the statutory formula for valuation governed the case. On the facts stated, these principles meant the reopening could not be justified and the reassessment failed. Case-Laws Wealth-tax Mon, 02 Mar 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16135