https://www.taxtmi.com/caselaws?id=55933 The Appellate Tribunal upheld the decision of the AAC, ruling in favor of the assessee and canceling the reassessments initiated by the WTO. The Tribunal emphasized that the reassessment was unjustified as it was based on discrepancies in valuation and external information, rather than solely on the valuation report provided by the assessee. The Tribunal also found that the reference to the Valuation Officer post-assessment completion was invalid, and the reassessment proceedings exceeded jurisdiction by being initiated after the limitation period. The appeals were dismissed due to the lack of justification for the reassessments and the WTO's attempt to circumvent the time limit for reopening assessments. en-us Fri, 17 Mar 1989 00:00:00 +0530 Tue, 30 Nov 2010 17:06:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55933 The Appellate Tribunal upheld the decision of the AAC, ruling in favor of the assessee and canceling the reassessments initiated by the WTO. The Tribunal emphasized that the reassessment was unjustified as it was based on discrepancies in valuation and external information, rather than solely on the valuation report provided by the assessee. The Tribunal also found that the reference to the Valuation Officer post-assessment completion was invalid, and the reassessment proceedings exceeded jurisdiction by being initiated after the limitation period. The appeals were dismissed due to the lack of justification for the reassessments and the WTO's attempt to circumvent the time limit for reopening assessments. Case-Laws Wealth-tax Fri, 17 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55933