https://www.taxtmi.com/caselaws?id=22448 The court ruled in favor of the assessee, holding that a subsequent year's valuation report cannot be used as valid information for reopening wealth-tax assessments of previous years under section 17(1)(b) of the Wealth-tax Act. The court emphasized the need for objective and factual information, rejecting subjective inferences and arbitrary deductions. It highlighted the importance of expert opinions based on relevant valuation dates and stressed the heavy burden on the Revenue to provide legally admissible material to support reassessment actions. The judgment underscored the requirement for concrete evidence in reopening assessments under the statutory provisions of the Act. en-us Thu, 31 Jan 1991 00:00:00 +0530 Thu, 10 Dec 2009 11:43:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=22448 The court ruled in favor of the assessee, holding that a subsequent year's valuation report cannot be used as valid information for reopening wealth-tax assessments of previous years under section 17(1)(b) of the Wealth-tax Act. The court emphasized the need for objective and factual information, rejecting subjective inferences and arbitrary deductions. It highlighted the importance of expert opinions based on relevant valuation dates and stressed the heavy burden on the Revenue to provide legally admissible material to support reassessment actions. The judgment underscored the requirement for concrete evidence in reopening assessments under the statutory provisions of the Act. Case-Laws Wealth-tax Thu, 31 Jan 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=22448