1985 (7) TMI 21

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....Having heard the counsel for the Revenue and the counsel for the assessee, we are satisfied that there is no ground for compelling a reference under section 27(3) of the Wealth-tax Act, 1957. The Wealth-tax Officer completed the assessment accepting the valuation furnished by the approved valuer, based on what is called by the Revenue as the land-cum-building value. Subsequently, it would appear t....

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....t the time when he completed the assessment. In his option, he preferred the method adopted by the approved valuer. We have not been shown how any error lies in the finding of the Tribunal that no case for reopening had been made out. Section 17(1)(b) of the Wealth-tax Act reads as follows: "17. Wealth escaping assessment.--(1) If the Wealth-tax Officer . ...... (b) has, in consequence of....

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....as available with him at or before the time of the completion of the assessment. We have already noticed that the Wealth-tax Officer was aware of what the rental income was, at the time when he computed the value of the building and completed the assessment. He, therefore, received no information which could provide the basis for the reopening of the assessment in exercise of his limited power und....

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....erty by the Government. In fixing the market value for the purpose of compensation under the Land Acquisition Act, the procedure to be followed and the facts and standards to guide, are as laid down in sections 23 and 24 of that Act. We have not been shown any such statutory rule or requirement to be followed while computing the value of the property for the purpose of assessment under the Wealth-....