https://www.taxtmi.com/caselaws?id=35607 The High Court upheld the jurisdictional validity of the notice issued by the WTO under the W.T. Act, 1957 to reopen the wealth tax assessment for the assessment year 1976-77. The court found the increase in property value in the succeeding assessment year supported the reason to believe that net wealth had escaped assessment. It ruled that the withdrawal of Circular No. 3(WT) dated 28th September, 1957 invalidated the assessee's argument based on the circular. The court distinguished previous legal precedents and rejected the petition, affirming the WTO's authority to reopen the assessment. en-us Sat, 03 Oct 1981 00:00:00 +0530 Mon, 15 Mar 2010 14:49:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35607 The High Court upheld the jurisdictional validity of the notice issued by the WTO under the W.T. Act, 1957 to reopen the wealth tax assessment for the assessment year 1976-77. The court found the increase in property value in the succeeding assessment year supported the reason to believe that net wealth had escaped assessment. It ruled that the withdrawal of Circular No. 3(WT) dated 28th September, 1957 invalidated the assessee's argument based on the circular. The court distinguished previous legal precedents and rejected the petition, affirming the WTO's authority to reopen the assessment. Case-Laws Wealth-tax Sat, 03 Oct 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35607