https://www.taxtmi.com/caselaws?id=39016 The High Court ruled against the assessee, rejecting their claim for exemption regarding agricultural land during reassessment under section 17 of the Wealth-tax Act. The Court held that claims disallowed in the original assessment cannot be revisited during reassessment for previously unassessed income, in line with precedents under the Income-tax Act. The judgment favored the department, emphasizing the limited scope of reassessment jurisdiction to assess escaped net wealth as per statutory requirements. The decision will be communicated to the Income-tax Appellate Tribunal, Cochin Bench. en-us Fri, 04 Feb 1977 00:00:00 +0530 Mon, 12 Apr 2010 10:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39016 The High Court ruled against the assessee, rejecting their claim for exemption regarding agricultural land during reassessment under section 17 of the Wealth-tax Act. The Court held that claims disallowed in the original assessment cannot be revisited during reassessment for previously unassessed income, in line with precedents under the Income-tax Act. The judgment favored the department, emphasizing the limited scope of reassessment jurisdiction to assess escaped net wealth as per statutory requirements. The decision will be communicated to the Income-tax Appellate Tribunal, Cochin Bench. Case-Laws Wealth-tax Fri, 04 Feb 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39016