TMI Blog2004 (10) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Act, it is to be held that while calling for and examining the record of any proceeding under section 263(1), it is and it was open to the Commissioner of Wealth-tax not only to consider the record of that proceeding but also the record relating to that proceeding available to him at the time of examination. The provisions of section 263(1) of the Income-tax Act and section 25(2) of the Wealth- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and in the circumstances of the case, the Tribunal was legally justified in cancelling the order of the Commissioner of Wealth-tax passed under section 25(2) of the Wealth-tax Act as without jurisdiction in view of the Calcutta High Court decision in Ganga Properties v. ITO [1979] 118 ITR 447?" The reference relates to the assessment year 1975-76. The Wealth-tax Officer had valued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een taken into consideration by the Commissioner of Wealth-tax for initiating proceedings under section 25(2) of the Act, the report was brought on record subsequently. We have heard Sri A.N. Mahajan, learned counsel for the Revenue. Nobody appears for the respondent-assessee. Learned counsel for the Revenue submitted that the record is not confined to what was available before the Wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of section 263(1) of the Income-tax Act and section 25(2) of the Wealth-tax Act are analogous. In this view of the matter we are of the considered view that the Tribunal was not justified in holding that the valuation report could not have been taken into consideration by the Commissioner of Wealth-tax. We accordingly answer the questions in the negative, i.e., in favour of the Revenue and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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