https://www.taxtmi.com/caselaws?id=39244 The court upheld the validity of the notice under section 17 of the Wealth-tax Act and concluded that the Wealth-tax Officer had valid grounds to reopen the assessment based on new information. It was determined that the Officer could hold alternative beliefs and that the reopening was a result of independent application of mind, not just following superior authorities. The court found the new information regarding manipulated stock exchange transactions justified the reopening, leading to the dismissal of the application challenging the reassessment. en-us Tue, 15 Jul 1975 00:00:00 +0530 Wed, 14 Apr 2010 10:39:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39244 The court upheld the validity of the notice under section 17 of the Wealth-tax Act and concluded that the Wealth-tax Officer had valid grounds to reopen the assessment based on new information. It was determined that the Officer could hold alternative beliefs and that the reopening was a result of independent application of mind, not just following superior authorities. The court found the new information regarding manipulated stock exchange transactions justified the reopening, leading to the dismissal of the application challenging the reassessment. Case-Laws Wealth-tax Tue, 15 Jul 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39244