1983 (2) TMI 118

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... not validly initiated by the WTO u/s 17(1) (b) against the assessee who is a partner in the firm M/s Gumanmal Umraomal Chordia which carried on business in precious stones. The facts are that the said firm valued its closing stock at cost and the assessment order of the firm preceded the original assessment of the assessee. Later on, the WTO recorded reasons to reopen the assessment and observed ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ame to Rs. 3,30,000 in which the 30% share of the assessee came to Rs. 99,000. According to the WTO, the wealth of Rs. 99,000 had escaped assessment. This is how he reopened the assessment and brought the difference of Rs. 99,000 in the value of the closing stock to tax. On appeal, the AAC relied on the Tribunal's order dt. 26th September,1981, passed in the case of Shri Hastichand Mehta WTA No. 7....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....arch or investigation into the assessment order of the firm at a later stage. The facts of the instant assessee being identical, the said decision of the Tribunal is squarely applicable to the instant case. The revenue is not able to show as to how did the WTO came in possession of a subsequent information. The foundation of the reasons recorded by the WTO is the assessment order of the firm in wh....