https://www.taxtmi.com/caselaws?id=61271 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee, canceling the reassessment proceedings under the Wealth Tax Act for the assessment year 1972-73. The Tribunal held that the reassessment initiated by the Wealth Tax Officer under section 17(1)(b) was not valid, citing a Bombay High Court decision. The Tribunal emphasized that mere change of opinion or conflicting valuation reports were insufficient grounds for reopening the assessment. Consequently, the reassessment proceedings were cancelled, and the appeal was allowed in favor of the assessee. en-us Fri, 05 Aug 1983 00:00:00 +0530 Wed, 12 Jan 2011 10:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61271 The Appellate Tribunal ITAT Chandigarh ruled in favor of the assessee, canceling the reassessment proceedings under the Wealth Tax Act for the assessment year 1972-73. The Tribunal held that the reassessment initiated by the Wealth Tax Officer under section 17(1)(b) was not valid, citing a Bombay High Court decision. The Tribunal emphasized that mere change of opinion or conflicting valuation reports were insufficient grounds for reopening the assessment. Consequently, the reassessment proceedings were cancelled, and the appeal was allowed in favor of the assessee. Case-Laws Wealth-tax Fri, 05 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61271