https://www.taxtmi.com/caselaws?id=36115 The court held that notices issued under section 17(1)(a) of the Wealth Tax Act were without jurisdiction as the assessee had disclosed all material facts during the original assessment. Consequently, the court quashed the notices in all three matters. Additionally, the valuation of unquoted equity shares by the assessee was found to be in compliance with rules, rendering the reassessment by the tax authority unwarranted. The court emphasized the full and truthful disclosure of material facts during the original assessment, leading to the proceedings initiated under section 17(1)(a) being deemed without jurisdiction. The court allowed the writ petitions and ruled no order as to costs. en-us Mon, 05 Nov 1979 00:00:00 +0530 Fri, 19 Mar 2010 13:36:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36115 The court held that notices issued under section 17(1)(a) of the Wealth Tax Act were without jurisdiction as the assessee had disclosed all material facts during the original assessment. Consequently, the court quashed the notices in all three matters. Additionally, the valuation of unquoted equity shares by the assessee was found to be in compliance with rules, rendering the reassessment by the tax authority unwarranted. The court emphasized the full and truthful disclosure of material facts during the original assessment, leading to the proceedings initiated under section 17(1)(a) being deemed without jurisdiction. The court allowed the writ petitions and ruled no order as to costs. Case-Laws Wealth-tax Mon, 05 Nov 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36115