2002 (4) TMI 12

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....mbay, accepted by the Wealth-tax Officer at Rs. 2,50,000. Subsequently, the assessee filed the returns of wealth for the aforesaid years under the amnesty scheme on April 29, 1986, disclosing certain additional wealth in the shape of jewellery, silver utensils, ornaments and a half share of a house property at 1/17, Shantiniketan, New Delhi. Pursuant thereto, notices were issued under section 17 of the Wealth-tax Act and fresh assessments were completed on the net wealth of Rs. 18,60,800 and Rs. 18,94,200, respectively, on November 19, 1986. Subsequently, the Commissioner of Wealth-tax, West Bengal-IX, Calcutta, initiated action under section 25(2) of the above Act to revise the assessments made on April 29, 1986, and August 22, 1986, si....

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.... "(i) Whether, on the facts and in the circumstances of the case, when in the reassessment proceedings the assessment of the flat at Bombay was not interfered with the Tribunal was justified in law in holding that the reassessment proceedings superseded and set aside the original assessment in its entirety? (ii) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in not sustaining the order passed by the Commissioner under section 25(2) of the Wealth-tax Act, 1957?" Despite service of notice of the reference, no one appeared on behalf of the assessee. Appearing for the Revenue, Mr. Sunil Kumar Mitra, learned senior counsel, submitted that pursuant to the amnesty scheme the assessee submitt....

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....e-tax Officer's jurisdiction is confined only to such income which had escaped tax or had been under assessed and does not extend to revising, re-opening or reconsidering the whole assessment or permitting the assessee to reagitate the question which had been decided in the original assessment proceedings. It is only the underassessment which is set aside and not the entire assessment in the reassessment proceedings. Mr. Mitra urged that applying the same principle in the instant case, the reassessment proceedings under section 17 must be held to have been confined to the additional wealth declared by the assessee under the amnesty scheme and did not amount to reopening of the entire assessment made under section 17 and the questions ref....