2000 (7) TMI 39

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.... the Tribunal was right in law in concluding that the Wealth-tax Officer had no jurisdiction to consider in the present reassessment proceedings initiated under section 17(1)(a) of the Wealth-tax Act for the two assessment years 1966-67 and 1967-68, the question of valuation of the two immovable properties the one at 15, Barakhamba Road, and the other at Paharganj at New Delhi and enhance the valuation of the said two properties while completing the said reassessments under section 17(1)(a) of the Act ?" The factual position as indicated in the statement of the case is essentially as follows. For the assessment years 1966-67 and 1967-68, the assessee's father, the late Hans Raj Vadera, filed returns of wealth on August 5, 1966, and October....

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....t valid. Though the challenge was to the legality of the reopening, it was observed by the Appellate Assistant Commissioner that action under section 17(1)(a) of the Act was validly initiated to reassess wealth in so far as the shares in various companies were concerned and to that extent the reassessments made were valid. With regard to enhancement of valuation in respect of the two properties indicated above, it was held to be beyond the scope of reassessment under section 17(1)(a) of the Act. These conclusions were affirmed by the Tribunal. It has to be noted that the assessee did not assail the conclusions of the Appellate Assistant Commissioner about the valid initiation of proceedings under section 17(1)(a) of the Act relating to the ....