https://www.taxtmi.com/caselaws?id=25840 The High Court ruled against the Revenue, stating that the Wealth-tax Officer did not have valid grounds to reopen the assessment for the assessment year 1970-71 under section 17(1)(b) of the Wealth-tax Act, 1957. The court emphasized the importance of accurate and current information to support reopening assessments and highlighted the necessity of adhering to statutory requirements for such actions. The assessment reopening was deemed unjustified, and each party was directed to bear their own costs in the matter. en-us Sat, 07 Feb 1987 00:00:00 +0530 Mon, 01 Feb 2010 12:37:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25840 The High Court ruled against the Revenue, stating that the Wealth-tax Officer did not have valid grounds to reopen the assessment for the assessment year 1970-71 under section 17(1)(b) of the Wealth-tax Act, 1957. The court emphasized the importance of accurate and current information to support reopening assessments and highlighted the necessity of adhering to statutory requirements for such actions. The assessment reopening was deemed unjustified, and each party was directed to bear their own costs in the matter. Case-Laws Wealth-tax Sat, 07 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25840