Home Case Index All Cases Wealth-tax Wealth-tax + HC Wealth-tax - 2004 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2004 (8) TMI 74 - HC - Wealth-taxWhether the Commissioner of Wealth-tax could revise the order dated March 8, 1978, wherein the question of valuation of interest of the assessee in Preet Palace Theatre was gone into. - Commissioner of Wealth-tax could not have exercised powers under section 263 against the said order as the limitation under section 25(3) of the Act which is two years, had also expired with regard to the said order. - Tribunal, thus, rightly held that while passing the order, there was no occasion for the Wealth-tax Officer to make any enquiry regarding valuation of the interest of the assessee in Preet Palace Theatre. - Tribunal is right in law in vacating the order of the Commissioner of Wealth-tax u/s 25(2) by holding the same as erroneous
|