https://www.taxtmi.com/caselaws?id=22340 The court ruled in favor of the petitioner, holding that the notice issued under section 17(1)(a) of the Wealth-tax Act, 1957 to reopen the assessment for the year 1975-76 was invalid. The court emphasized that the petitioner had disclosed all primary and material facts necessary for assessment, including details about the shares held. It was established that discrepancies in valuation or failure to apply correct valuation rules did not constitute non-disclosure of material facts. Therefore, the court quashed the notice, highlighting that the assessing officer's duty was to apply the law correctly based on the disclosed facts. en-us Tue, 06 Aug 1991 00:00:00 +0530 Wed, 09 Dec 2009 13:43:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22340 The court ruled in favor of the petitioner, holding that the notice issued under section 17(1)(a) of the Wealth-tax Act, 1957 to reopen the assessment for the year 1975-76 was invalid. The court emphasized that the petitioner had disclosed all primary and material facts necessary for assessment, including details about the shares held. It was established that discrepancies in valuation or failure to apply correct valuation rules did not constitute non-disclosure of material facts. Therefore, the court quashed the notice, highlighting that the assessing officer's duty was to apply the law correctly based on the disclosed facts. Case-Laws Wealth-tax Tue, 06 Aug 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22340