https://www.taxtmi.com/caselaws?id=61122 The Tribunal held that the reassessment proceedings under section 17(b) of the Wealth Tax Act, 1957 were invalid. It found that the initiation of proceedings based on information from an income tax case did not provide a valid basis for reassessment. The Tribunal emphasized that the satisfaction for initiating such proceedings must be solely of the WTO and not influenced by external factors. Consequently, the reassessment was deemed a mere change of opinion without legal authority, leading to the cancellation of the lower authorities' orders and allowing the appeal. en-us Sat, 05 Jul 1980 00:00:00 +0530 Tue, 11 Jan 2011 10:17:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61122 The Tribunal held that the reassessment proceedings under section 17(b) of the Wealth Tax Act, 1957 were invalid. It found that the initiation of proceedings based on information from an income tax case did not provide a valid basis for reassessment. The Tribunal emphasized that the satisfaction for initiating such proceedings must be solely of the WTO and not influenced by external factors. Consequently, the reassessment was deemed a mere change of opinion without legal authority, leading to the cancellation of the lower authorities' orders and allowing the appeal. Case-Laws Wealth-tax Sat, 05 Jul 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61122