https://www.taxtmi.com/caselaws?id=382123 The Tribunal allowed the appeals of the assessee, holding that the reassessment proceedings were invalid due to the improper basis for reopening the assessment. The reassessment under section 17(1) of the Wealth-tax Act, 1957, was quashed as it solely relied on a DVO's report without independent assessment by the Assessing Officer. The orders passed under section 16(3) r.w.s. 17(1) were held to be without basis. The decision was pronounced on June 24, 2019. en-us Mon, 24 Jun 2019 00:00:00 +0530 Wed, 26 Jun 2019 07:30:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382123 The Tribunal allowed the appeals of the assessee, holding that the reassessment proceedings were invalid due to the improper basis for reopening the assessment. The reassessment under section 17(1) of the Wealth-tax Act, 1957, was quashed as it solely relied on a DVO's report without independent assessment by the Assessing Officer. The orders passed under section 16(3) r.w.s. 17(1) were held to be without basis. The decision was pronounced on June 24, 2019. Case-Laws Wealth-tax Mon, 24 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382123