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2012 (9) TMI 529 - ITAT AHMEDABADReassessment of taxable wealth - notice u/s. 16(5) r.w.s. 17 - Held that:- As the notices under section 17 were issued to the assessee in all the 3 assessment years directing it to file the returns of wealth which were not filed by the assessee & thereafter notices were issued to assessee directing it to submit the details of wealth again there was no compliance contravening the provisions of Sec. 16(5). Hence there was no infirmity on the part of W.T.O. in making the assessment by invoking the provisions of section 16(5) r.w.s. 17 of the W.T. Act - against assessee. Whether the vehicles were used for hiring of the vehicles or for any other purpose - determination of taxable wealth in the years under consideration - Held that:- Since the facts and circumstances of the case in the present appeals are identical to that of A.Y. 1999-2000, the decision of coordinate Bench of previous year is followed and remit matter back to the file of WTO to examine the lease agreements and arrive at a conclusion as to whether the recipients of the vehicles had hired out the vehicles as stipulated under W.T. Act and pass appropriate orders on merits after giving reasonable opportunity of hearing to the assessee. The assessee shall submit all the information required by WTO to determine the taxable wealth - in favour of assessee for statistical purposes.
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