2004 (10) TMI 60

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....g two questions of law under section 27(1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), for opinion to this court: "1. Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the case of the Delhi High Court in the case of Gee Vee Enterprises v. Addl. CIT [1975] 99 ITR 375 was distinguished? 2. Whether, on the facts and in....

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....fter giving opportunity of hearing and considering the reply filed by the respondent-assessee, set aside the assessment order with a direction to give proper opportunity and reframe the assessment according to law. Feeling aggrieved the respondent preferred an appeal before the Tribunal. The Tribunal has allowed the appeal on the ground that the valuation report could not have been taken into cons....

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....s used in clause (b) of the Explanation to section 263(1) of the Act, it is to be held that while calling for and examining the record of any proceeding under section 263(1), it is and it was open to the Commissioner of Wealth-tax not only to consider the record of that proceeding but also the record relating to that proceeding available to him at the time of examination. The provisions of section....