1989 (1) TMI 74

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....at Rs. 7,35,086 as on the two valuation dates relevant for the years in dispute. After the completion of those assessments, the Commissioner of Wealth-tax initiated proceedings under section 25(2) of the Act, calling upon the assessee to show cause why the wealth-tax assessment orders for the years in dispute may not be cancelled, so as to be made afresh as the "Dehradun property" had been undervalued by the assessing officer. It appears that, after the completion of the assessments, the assessing officer learnt that the property was sold by the assessee on August 18, 1983, for a consideration of Rs. 36 lakhs and this information prompted the Commissioner to take proceedings under section 25(2) of the Act. After considering the objections ....

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....plications is concluded by findings of fact and is not a fit question for reference. The findings recorded by the Tribunal are that the assessment orders are neither erroneous nor prejudicial to the interests of the Revenue. In taking that view, the Tribunal, inter alia, recorded the following findings. (1) The assessments were made after application of judicious mind and after making due enquiries. (11) The valuation assessed at the assessment stage was in consonance with the past history and the assessed valuation of the same property. (111) The disputed property was a rented one on an annual rent of Rs. 18,000 since the year 1963 and the rental income was assessed year after year in the hands of the assessee to income-tax. The transa....