https://www.taxtmi.com/caselaws?id=60329 Under the Wealth-tax Act, reassessment under section 17 may cover escapement of wealth by under-assessment even where the relevant facts were already on record, and the absence of fresh material does not by itself defeat reopening if the original assessment did not apply the correct legal provision. Earlier rectification proceedings that never culminated in a final order do not bar reassessment, and a mere change of opinion is insufficient to invalidate it. On valuation, rule 8(a) of Schedule III is discretionary and applies only where the statutory method in rule 3 cannot be practicably used; if annual rent can be computed arithmetically from the rent data, valuation on only four months' rent is inconsistent with the prescribed annual capitalisation method. en-us Tue, 24 Feb 1998 00:00:00 +0530 Tue, 04 Jan 2011 16:56:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60329 Under the Wealth-tax Act, reassessment under section 17 may cover escapement of wealth by under-assessment even where the relevant facts were already on record, and the absence of fresh material does not by itself defeat reopening if the original assessment did not apply the correct legal provision. Earlier rectification proceedings that never culminated in a final order do not bar reassessment, and a mere change of opinion is insufficient to invalidate it. On valuation, rule 8(a) of Schedule III is discretionary and applies only where the statutory method in rule 3 cannot be practicably used; if annual rent can be computed arithmetically from the rent data, valuation on only four months' rent is inconsistent with the prescribed annual capitalisation method. Case-Laws Wealth-tax Tue, 24 Feb 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60329