https://www.taxtmi.com/caselaws?id=26057 The court held that the action under section 17(1)(a) of the Wealth-tax Act was not validly initiated for the assessment years 1964-65 to 1967-68. It found that the Wealth-tax Officer's belief that the assessee had knowledge of the silver bars was unreasonable and not based on concrete evidence. As a result, the reassessment orders including the value of the silver bars in the net wealth were deemed unjustified and invalid. The court ruled in favor of the assessee, concluding that the Tribunal had erred in its decision, with costs not awarded. en-us Mon, 14 Apr 1986 00:00:00 +0530 Tue, 02 Feb 2010 15:18:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26057 The court held that the action under section 17(1)(a) of the Wealth-tax Act was not validly initiated for the assessment years 1964-65 to 1967-68. It found that the Wealth-tax Officer's belief that the assessee had knowledge of the silver bars was unreasonable and not based on concrete evidence. As a result, the reassessment orders including the value of the silver bars in the net wealth were deemed unjustified and invalid. The court ruled in favor of the assessee, concluding that the Tribunal had erred in its decision, with costs not awarded. Case-Laws Wealth-tax Mon, 14 Apr 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26057