1983 (12) TMI 27

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....sessee and had filed wealth-tax returns for the assessment years 1967-68 and 1968-69. The WTO, Bombay, completed the wealth-tax assessment for the assessment year 1967-68, by order dated March 18, 1968, and computed the total net wealth at Rs. 20,44,794. The assessment for the assessment year 1968-69 was completed by order dated August 22, 1970, and the net wealth was found to be Rs. 22,22,007. On....

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....otice to remain present for hearing before respondent No. 1. At the hearing on February 26, 1980, the petitioner's authorise representative was orally informed that the reopening of the assessment was initiated because the WTO proposed to revalue the shares held by the petitioner in the company known as Neville Wadia Private Limited. The petitioner thereafter approached this court by filing the pr....

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...., that the assessment for the relevant assessment years was completed after the petitioner disclosed all the relevant information about the valuation of the shares, and the WTO accepted the said valuation. It was urged that the mere fact that subsequently the WTO is of the opinion that the shares were not properly valued is not sufficient to reopen the assessment. The respondents have not filed an....