1987 (2) TMI 13

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....vered by T. KOCHU THOMMEN J.-The following question has been, at the instance of the Revenue, referred to us by the Income-tax Appellate Tribunal, Cochin Bench: "Whether, on the facts and in the circumstances of the case, the order of rectification passed by the Wealth-tax Officer is valid in law ? " The net wealth of the assessee had been determined at Rs. 2,09,34,600 by order dated Octo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d against that order. The Appellate Assistant Commissioner accepted the assessee's contention and set aside the order made under section 35. On appeal by the Revenue, the Tribunal affirmed the order of the Appellate Assistant Commissioner. The rectification under section 35 was made by the assessing authority by annexure B order for the reason that, on the admission of the assessee himself, a s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t be disputed that that was an amount which was liable to be included in the returns of the total wealth. Counsel for the assessee, however, submits that the assessing authority was not justified in refusing to allow the exemption beyond Rs. 1,50,000 because the Tribunal had already held in the proceedings of the earlier years that, even when the value of the investment exceeded Rs. 1,50,000, t....