https://www.taxtmi.com/caselaws?id=28490 The court held that the reassessment under the Wealth Tax Act for the assessment year 1968-69 was not valid. It was determined that the reassessment was not justified under Section 17(1)(a) as there was no omission or failure to make a return, and the audit note did not qualify as "information" under Section 17(1)(b). Additionally, the reassessment exceeded the four-year limitation period from the date of the initial assessment. The court denied the petition to refer questions of law to the High Court and awarded costs to the respondents, emphasizing the importance of adhering to statutory provisions and limitations in tax reassessment processes. en-us Fri, 30 Apr 1982 00:00:00 +0530 Tue, 23 Feb 2010 10:44:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28490 The court held that the reassessment under the Wealth Tax Act for the assessment year 1968-69 was not valid. It was determined that the reassessment was not justified under Section 17(1)(a) as there was no omission or failure to make a return, and the audit note did not qualify as "information" under Section 17(1)(b). Additionally, the reassessment exceeded the four-year limitation period from the date of the initial assessment. The court denied the petition to refer questions of law to the High Court and awarded costs to the respondents, emphasizing the importance of adhering to statutory provisions and limitations in tax reassessment processes. Case-Laws Wealth-tax Fri, 30 Apr 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28490