https://www.taxtmi.com/caselaws?id=57119 Reassessment under section 17(1)(a) of the Wealth-tax Act is valid only where there is a real failure to disclose fully and truly all primary material facts; on the stated facts, the assessing authority already knew the property and its sale-related particulars, and the later sale after the valuation date could not justify reopening. For wealth-tax valuation, sale consideration does not automatically represent fair market value where the transaction reflects a special or fancy price rather than an ordinary market price; valuation must instead be tested against the surrounding material, including approved valuation evidence and comparable rents or properties. The reassessment and the disputed wealth addition were therefore unsustainable. en-us Tue, 30 Sep 1980 00:00:00 +0530 Wed, 08 Dec 2010 15:14:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57119 Reassessment under section 17(1)(a) of the Wealth-tax Act is valid only where there is a real failure to disclose fully and truly all primary material facts; on the stated facts, the assessing authority already knew the property and its sale-related particulars, and the later sale after the valuation date could not justify reopening. For wealth-tax valuation, sale consideration does not automatically represent fair market value where the transaction reflects a special or fancy price rather than an ordinary market price; valuation must instead be tested against the surrounding material, including approved valuation evidence and comparable rents or properties. The reassessment and the disputed wealth addition were therefore unsustainable. Case-Laws Wealth-tax Tue, 30 Sep 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57119