1991 (7) TMI 10

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.... record when it was a general circular published in the Official Gazette and as such did exist at the time of framing the assessment and the Assessing Officer was required to have knowledge of the same?" In the present case, the question involved is with regard to the valuation of the property situate at 39, Najafgarh Road, New Delhi. This property is an industrial unit and, before the Assessing Officer, a valuation report prepared by a registered valuer had been furnished by the assessee. The Wealth-tax Officer accepted the report of the registered valuer and computed the net wealth of the assessee. The Commissioner of Wealth-tax then instituted proceedings under section 25(2) of the Wealth-tax Act, 1957. He came to the conclusion....

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.... rejected the said application. It is contended before us by learned counsel for the petitioner that the Commissioner was fully justified in exercising his jurisdiction under section 25(2) and when he came to the conclusion that the order of the Wealth-tax Officer should be set aside, the Tribunal ought not to have quashed the order of the Commissioner. It is true that ordinarily the Commissioner has been given jurisdiction to examine, under section 25(2), whether the order passed by the Assessing Officer is erroneous in so far as it is prejudicial to the interests of the Revenue, but in the instant case, however, the Commissioner has nowhere formed an opinion that the assessment order was prejudicial to the interests of the Revenue. ....