https://www.taxtmi.com/caselaws?id=27452 A reassessment notice issued under section 17 of the Wealth-tax Act, 1957, loses its basis when the factual foundation on which it was issued no longer survives. Here, the notice rested on the petitioner's earlier claim of ownership of the property, but he later filed an affidavit disowning ownership, abandoned that plea, dropped the Union of India from the suit, and withdrew the suit. Once those statements were made, the original basis for the notice ceased to exist and the notice became incapable of effective operation. It was therefore treated as infructuous and quashed. en-us Tue, 10 Jul 1984 00:00:00 +0530 Sat, 13 Feb 2010 09:56:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27452 A reassessment notice issued under section 17 of the Wealth-tax Act, 1957, loses its basis when the factual foundation on which it was issued no longer survives. Here, the notice rested on the petitioner's earlier claim of ownership of the property, but he later filed an affidavit disowning ownership, abandoned that plea, dropped the Union of India from the suit, and withdrew the suit. Once those statements were made, the original basis for the notice ceased to exist and the notice became incapable of effective operation. It was therefore treated as infructuous and quashed. Case-Laws Wealth-tax Tue, 10 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27452