1983 (12) TMI 38

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....alth-tax for the assessment year 1970-71, the petitioner declared the value of the aforesaid agricultural land and BIR at Rs. 70,820 as on March 31, 1970, which was the relevant valuation date for the assessment year 1970-71. The petitioner contends that the valuation was declared by him on the basis of the report of an approved valuer. The valuation was accepted by the Department and the assessment of the petitioner to wealth-tax for the assessment year 1970-71 was made on the basis of that valuation. For the assessment year 1971-72, the valuation of the land in question made by the petitioner on the basis of the valuation made for the assessment year 1970-71 was accepted by the Department. On August 16, 1971, the petitioner sold 168 bigha....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t did not enter into the question of valuation of the land and the assessment orders were passed. It is contended that there was failure and omission on the part of the petitioner in disclosing the value of the agricultural land fully and truly and hence the impugned notices are not without jurisdiction. Along with the return a copy of the order passed by the WTO recording reasons for reopening the assessment has been filed and in that order, it is stated that as the value shown by the assessee was too low on account of omission and failure on the Part of the assessee to disclose material facts, the petitioner was underassessed. A question similar to the one arising in this case came up for consideration before a Division Bench of this c....