https://www.taxtmi.com/caselaws?id=36738 The court examined the grounds for reopening wealth-tax assessments for assessment years 1971-72, 1972-73, and 1973-74 under sections 17(1)(a) and 17(1)(b) of the Wealth Tax Act. It found that the information available to the Wealth-tax Officer was insufficient to establish a valid reason to believe that wealth had escaped assessment. Emphasizing the importance of a genuine and reasonable belief based on solid grounds, the court concluded that the notices to reopen assessments were quashed, and the respondent was directed to bear the costs of the application. en-us Thu, 10 Jan 1980 00:00:00 +0530 Wed, 24 Mar 2010 12:04:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36738 The court examined the grounds for reopening wealth-tax assessments for assessment years 1971-72, 1972-73, and 1973-74 under sections 17(1)(a) and 17(1)(b) of the Wealth Tax Act. It found that the information available to the Wealth-tax Officer was insufficient to establish a valid reason to believe that wealth had escaped assessment. Emphasizing the importance of a genuine and reasonable belief based on solid grounds, the court concluded that the notices to reopen assessments were quashed, and the respondent was directed to bear the costs of the application. Case-Laws Wealth-tax Thu, 10 Jan 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36738