https://www.taxtmi.com/caselaws?id=37470 The court ruled in favor of the petitioner, declaring the reassessment notice under Section 17 of the Wealth-tax Act, 1957, invalid. The petitioner had fully disclosed all material facts, and the valuation of unquoted shares adhered to the binding CBDT circular. The Wealth-tax Officer had not independently applied his mind and initiated reassessment based on impermissible change of opinion. The court granted the petitioner's plea, issuing appropriate writs without costs, allowing respondents to proceed lawfully if desired. en-us Fri, 26 May 1978 00:00:00 +0530 Tue, 30 Mar 2010 10:29:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=37470 The court ruled in favor of the petitioner, declaring the reassessment notice under Section 17 of the Wealth-tax Act, 1957, invalid. The petitioner had fully disclosed all material facts, and the valuation of unquoted shares adhered to the binding CBDT circular. The Wealth-tax Officer had not independently applied his mind and initiated reassessment based on impermissible change of opinion. The court granted the petitioner's plea, issuing appropriate writs without costs, allowing respondents to proceed lawfully if desired. Case-Laws Wealth-tax Fri, 26 May 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=37470