https://www.taxtmi.com/caselaws?id=26592 The court emphasized the limited power of the Wealth-tax Officer to reopen assessments only when new information indicates escaped tax assessment. Internal audit observations known at the time of assessment do not qualify as new information. Additionally, the court rejected the argument to value property for wealth tax purposes based on Land Acquisition Act compensation rules. The Revenue's failure to provide a strong legal basis led to the dismissal of their petition without costs. en-us Thu, 11 Jul 1985 00:00:00 +0530 Sat, 06 Feb 2010 12:10:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26592 The court emphasized the limited power of the Wealth-tax Officer to reopen assessments only when new information indicates escaped tax assessment. Internal audit observations known at the time of assessment do not qualify as new information. Additionally, the court rejected the argument to value property for wealth tax purposes based on Land Acquisition Act compensation rules. The Revenue's failure to provide a strong legal basis led to the dismissal of their petition without costs. Case-Laws Wealth-tax Thu, 11 Jul 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26592