2005 (3) TMI 19

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....ircumstances of the case the Income- tax Appellate Tribunal was correct in law in holding that assessment framed under section 16(1) of the Wealth-tax Act cannot be reopened under section 17 of the Wealth-tax Act on the ground of change of opinion on the part of the Wealth-tax Officer ?" 2 The reference relates to the assessment years 1982-83 to 1985-86. 3 Briefly stated the facts giving rise to the present reference are as follows : 4 The respondent/assessee has been assessed to wealth-tax in the status of an individual He owns property No. 89/331, Deputy Ka Padao, Kanpur, which is being used for commercial purpose having been let out to bank.  For the assessment year in question assessment orders were framed under the Act de....

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.... in this behalf the value of any asset, other than cash, for the purposes of this Act, shall be estimated to be the price which in the opinion of the Assessing Officer, it would fetch if sold in the open market on the valuation date. Explanation.-  the removal of doubts, it is hereby declared that the price or other consideration for which any property may be acquired by or transferred to any person under the terms of a deed of trust or through or under any restrictive covenant in any instrument of transfer shall be ignored for the purpose of determining the price such property would fetch if sold in the open market on the valuation date. (2) Notwithstanding anything contained in sub-section (1)— (a) where the assessee is ca....

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....sub-section. (4) Notwithstanding anything contained in sub-section (1) the value of a house belonging to the assessee and exclusively used by him for residential purposes throughout the period of twelve months immediately preceding the valuation date may, at the option of the assessee, be taken to be the price which, in the opinion of the Assessing Officer, it would fetch if sold in the open market on the valuation date next following the date on which he became the owner of the house, or on the valuation date relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later : Provided that where more than one house belonging to the assessee is exclusively used by him for residential purposes,....