https://www.taxtmi.com/caselaws?id=19331 The court held that the reopening of assessments under section 17(1)(a) of the Wealth-tax Act was invalid as the assessee had fully disclosed primary facts, including valuation details, and was not obligated to produce balance-sheets unless specifically requested by the tax authority. The exclusion of advance tax payments in determining the market value of unquoted equity shares was resolved against the assessee based on precedent. The court directed the judgment to be communicated to the Income-tax Appellate Tribunal, Cochin Bench. en-us Wed, 23 Nov 1994 00:00:00 +0530 Thu, 05 Nov 2009 15:28:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19331 The court held that the reopening of assessments under section 17(1)(a) of the Wealth-tax Act was invalid as the assessee had fully disclosed primary facts, including valuation details, and was not obligated to produce balance-sheets unless specifically requested by the tax authority. The exclusion of advance tax payments in determining the market value of unquoted equity shares was resolved against the assessee based on precedent. The court directed the judgment to be communicated to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Wealth-tax Wed, 23 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19331