https://www.taxtmi.com/caselaws?id=29189 The court found that the notice issued under Section 17 of the Wealth-tax Act was invalid as the belief that the net wealth had escaped assessment was unreasonable. The valuation of shares held by M/s. Synfibre Sales Corporation was deemed correct based on commercial principles, not Rule 1D. The petitioner's disclosure of balance-sheets was considered adequate, and the belief of the Wealth-tax Officer was found to lack a reasonable basis. Consequently, the petition was allowed, the notice was quashed, and the respondent was barred from further proceedings. Costs were awarded to the petitioner. en-us Fri, 19 Oct 1979 00:00:00 +0530 Thu, 11 Mar 2010 13:06:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29189 The court found that the notice issued under Section 17 of the Wealth-tax Act was invalid as the belief that the net wealth had escaped assessment was unreasonable. The valuation of shares held by M/s. Synfibre Sales Corporation was deemed correct based on commercial principles, not Rule 1D. The petitioner's disclosure of balance-sheets was considered adequate, and the belief of the Wealth-tax Officer was found to lack a reasonable basis. Consequently, the petition was allowed, the notice was quashed, and the respondent was barred from further proceedings. Costs were awarded to the petitioner. Case-Laws Wealth-tax Fri, 19 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29189