1996 (1) TMI 88

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....ference by the Wealth-tax Officer to the Valuation Officer as to the properties was bad in law and as such the report of the Valuation Officer could not be formed the basis for reason to believe that by reason of the omission or failure on the part of the assessee to disclose fully and truly all the material facts necessary for assessment of his net wealth the net wealth chargeable to tax has escaped assessment ? " Briefly stated, the facts of the case are that the assessments for the assessment years 1971-72 to 1973-74 were made on March 28, 1974. Thereafter, the Wealth-tax Officer referred the matter to the Valuation Officer to ascertain the value of agricultural land and house as on the valuation date. Thereafter, notice under section....

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....hargeable to tax has escaped assessment for that year. In the instant case, the assessment was completed under section 16 of the Act. Reference was not made to the Valuation Officer under section 16A of the Act for the purpose of making the assessment. After completion of the assessment, the Assessing Officer referred the matter to the Valuation Officer. On the basis of the report, he formed the opinion and held that he has reason to believe that net wealth chargeable to tax has escaped assessment. He, therefore, issued notice under section 17 of the Act. The assessee questioned the validity of the proceeding. The Commissioner of Wealth-tax (Appeals), however, rejected the contention and upheld the order of the Wealth-tax Officer. The Tr....