TaxTMI 
TaxTMI 
1984 (3) TMI 102
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....WTO to exclude gold ornaments from the net wealth of the assessee in view of the exemption under s. 5(1)(viii) of the WT Act, 1957. In the cross-objections, the assessee has claimed that the assessments not having been done within the time-limit allowed under s. 17A(1)(a), they became time barred and illegal. 3. Since the question of limitation raised by the assessee went to the root of the matter, the assessee's appeal was heard. The basis of the claim for limitation is a writ petition field by the assessee for the asst. yrs. 1968-69 and 1969-70 before the Hon'ble High Court at Bombay praying that reassessment proceedings have been started and the concerned notices be quashed. It would appear that in Tulsidas Kilachand vs. D. R. Chawla ....
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....the valuation for the other years of the same properties, it was the contention of the departmental authorities, that action for those other years was also stayed by the order of the High Court. The WTO, therefore, could not have completed these assessments and the provisions of Expln. 1, therefore, saved these assessments from limitation. 4. The parties were heard at length on this point by the Tribunal. We found that the Writ petition before the High Court being for the asst. yrs. 1968-69 and 1969-70, there was no direct reference nor any reference by necessary implication to stay any action for the other assessment years, such as, 1970-71, 1971-72, 1972-73 or 1973-74 for which the appeals are before us. We also found that a mere refer....
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....ealth and the only dispute was with reference to some difference in the valuation of some properties. Consistent with this standard he wanted to pay all the tax due but not based on the exorbitant and unreasonable valuation fixed by the departmental Authorities. The ld. counsel for the assessee was fair enough to concede that he would not press the point of limitation if justice with regard to the valuation was done to him. Even with regard to the minor legal questions, like, the retrospective operation of r. 1BB in connection with the valuation of the Nepeansea Road property, the assessee was not so insistent but for the high valuation put on some of the assets. We at this stage put it to the ld. departmental counsel as to why a sort of co....
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....tment has resulted in an agreed value being fixed for all the assessment years from 1966-67 to 1973-74, based on the valuation given by the department" as well as the assessee's valuers. The valuation of the Kandivali properties would be for the asst. yrs. 1970-71 to 1978-79, the years under appeal, as under: 1970-71 .... Rs. 1,34,000 1971-72 .... Rs. 1,77,250 1972-73 .... Rs. 2,22,750 1973-74 .... Rs. 2,22,750 1974-75 .... Rs. 2,22,750 1975-76 .... Rs. 3.09,672 1976-77 .... Rs. 3,55,672 1977-78 .... Rs. 3,67,572 1978-79 .... Rs. 4,10,072 The assessee has given up his claim for the application of r. 1BB of the WT Rules, 1957 with r....