1984 (7) TMI 47

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....d validity of the impugned notice (exhibit A) under s. 17 of the W.T. Act, 1957 (hereinafter " the Act "). The notice states that there was reason to believe that the petitioner's net wealth chargeable to tax for the relevant assessment year has escaped assessment within the meaning of s. 17 of the Act and the WTO, therefore, proposed to assess the said net wealth that has so escaped assessment. ....

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.... own claim of ownership. Subsequent developments have, however, rendered the impugned notice infructuous. The petitioner has in this court filed affidavit to the following effect: " I am given to understand that the notice under section 17 of the Wealth-tax Act was issued by respondent No. 1 on the ground that I have claimed property known as Poddar Bungalow, situate at 6, Worli Sea Face, Wo....

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....1969. Indeed, subsequently on April 1, 1982, the petitioner has withdrawn the said suit itself. Mr. Irani, learned counsel for the petitioner, states that though the petitioner has, subsequent to the withdrawal of the aforesaid suit, filed a fresh suit, he has in the said suit not claimed any ownership rights in the said property. In view of the unequivocal position thus emerging, resulting in the....