2015 (4) TMI 950

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....s common order. 3. The assessments in these two cases were reopened under section 17 of the Wealth-tax Act, 1957. Thereafter the assessments were completed and addition on account of guest house and on account of valuation of cars was made to the wealth-tax of the assessee by the Assessing Officer. 4. The assessee preferred appeals before the Commissioner of Wealth-tax (Appeals), who confirmed the reopening of the assessment, however, he deleted the addition relating to guest house. The addition on account of car valuation was also confirmed by the Commissioner of Wealth-tax (Appeals) for both of the years. Now, the assessee is in appeal here before the Tribunal against the order of the learned Commissioner of Wealth-tax (Appeals), wh....

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....purpose of wealth- tax as prescribed under the Wealth-tax Act. Accordingly, he confirmed the action of the Assessing Officer. The contention of the assessee was also not accepted that on similar facts for the assessment year 2004-05 in the assessment completed under section 16(3) of the Act, the valuation shown by the assessee was adopted by observing that res judicata does not apply in Income-tax and wealth-tax proceedings. 6. Similar contentions were reiterated here before the Tribunal. It was also submitted that during the Income-tax proceeding, the details of wealth-tax return were asked and the same were filed and during the assessment proceeding, the details of wealth-tax were accepted. Copy of these details were also filed before ....