TMI Blog2002 (6) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... alth and tax after considering the valuation made by the Departmental Valuer. - In view of the above, our answer to both the questions referred to us is in the negative, i.e., in favour of the Revenue and against the assessee. - - - - - Dated:- 20-6-2002 - Judge(s) : M. S. SHAH., K. A. PUJ. JUDGMENT The judgment of the court was delivered by M.S. SHAH J.-In this reference at the instance of the Revenue, the following questions are referred for our opinion in respect of the assessment years 1970-71 to 1973-74: "(i) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in setting aside the order of the Commissioner of Wealth-tax under section 25(2) of the Wealth-tax Act, 1957? (ii) W ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Hence, this reference at the instance of the Revenue. We have heard Mr. Tanvish Bhatt, the learned standing counsel for the Revenue. Though served, none appears for the respondent-assessee. Learned counsel points out that the Tribunal's decision holding that the Commissioner erred in law in referring to material which was not on record before the Wealth-tax Officer is based on the decision of the Calcutta High Court in Ganga Properties v. ITO [1979] 118 ITR 447. Mr. Bhatt, however, submits that the said view is now overruled by the Supreme Court in CIT v. Shree Manjunathesware Packing Products and Camphor Works [1998] 231 ITR 53, wherein the apex court interpreted a pari materia provision of section 263 of the Income-tax Act, 1961. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n further examining the record and after making or causing to be made an inquiry, the Commissioner considers the order to be erroneous and prejudicial to the interests of the Revenue, he can pass the order thereon as the circumstances of the case justify and the apex court in terms observed that obviously, as a result of the enquiry, the Commissioner may come into possession of new material and he would be entitled to take the new material into account. If the material, which was not available to the Income-tax Officer when he made the assessment could thus be taken into consideration by the Commissioner after holding an enquiry, there is no reason why the material which had already come on record though subsequently to the making of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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