2017 (12) TMI 479

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....individual and the proprietor of M/s. Ultra Dimensions, which is involved in execution of contract works for the Government of Defence Organisations, such as Ship Building Centre, Visakhapatnam, DGNP, Visakhapatnam, etc. A search operation u/s 132 of the Income Tax Act, 1961 was conducted in the case of the assessee. Accordingly, assessments were completed u/s 143(3) r.w.s. 153A of the Income Tax Act dated 30.12.2011. Subsequently, it is noticed from the balance sheet for the year ended 31.3.2007 and schedule of fixed assets for the assessment year 2007-08 enclosed to the return of net wealth that the assessee is having movable and immovable assets, which fall within the definition of section 2(a) of the Wealth Tax Act, 1957 and hence are a....

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....2015 for the assessment year 2007-08. In the assessment order, the A.O. has taken care mentioning that as and when valuation report is received from DVC, the assessment would be revised adopting the values estimated by S.E., DVC, Hyderabad determined the following values u/s 2(e)(a) of the Wealth Tax Act and subsequently, the A.O. received the report from DVC on 17.4.2015 by the time the A.O. has completed the assessment. The Ld. Commissioner issued a show cause notice to the assessee on 20.7.2016 proposing to revise the assessment for 2007-08 on the ground that the A.O. has completed the assessment order without report from the DVC and therefore, there is error committed by A.O. and not assessed the original wealth tax assessment order. Th....