TMI Blog1985 (9) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... t years 1971-72 to 1975-76 were completed, initiated reassessment proceedings under section 17(1)(a) of the Wealth-tax Act, 1957, by issuing notices dated March 15, 1978. The Wealth-tax Officer expressed the opinion that the value of the portion of the Mardana Mahal and compensation money aggregating to Rs. 6,60,000, representing the difference between the value of the properties as shown by the assessee and as determined by the valuation cell, had escaped assessment by the assessing authority. The Wealth-tax Officer then made reassessment orders after adding the value of the Mardana Mahal and the amount of compensation received by the assessee. It may be observed that the reassessment proceedings were initiated on the basis of the report o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) of the Act, as the necessary material had already been disclosed by the assessee and there was no omission or failure on his part which could authorise the Wealth-tax Officer to initiate reassessment proceedings. It was observed by the Appellate Tribunal that a mere change of opinion could not give rise to proceedings for reassessment under section 17(1)(a) of the Act. The Commissioner of Wealth-tax, Jaipur, filed applications under section 27(1) of the Wealth-tax Act before the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, for making references to this court in respect of the following common question which was said to arise out of the order of the Income-tax Appellate Tribunal dated July 24, 1980 : " Whether, on the facts and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter relating to which the relevant facts have been disclosed and material was placed by the assessee before the Wealth-tax Officer at the time of assessment. The question whether the unregistered document could give rise to an honest family settlement between the assessee and his mother or that the transaction could not be accepted in view of the fact that the document dated October 28, 1969, was not registered, was the subject-matter of consideration by the Wealth-tax Officer at the time of the original assessment and it is undoubtedly a change of opinion by the Wealth-tax Officer, when subsequently at the time of reassessment he held that the oral partition which was followed by a document in writing and the partition deed involving immov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he income of the assessee on the basis of the view expressed by the internal audit party of the Income-tax Department, it would merely be a change of opinion and that the opinion rendered by the audit party in regard to law cannot add to or colour the significance of such law for the purpose of belief of the assessing authority as required under section 147(a) of the Income-tax Act, which is in pari materia to section 17(1)(a) of the Wealth-tax Act. Thus, it appears to us that the Income-tax Appellate Tribunal was justified in holding that no question of law arose out of the finding recorded by the Tribunal on the question that initiation of the reassessment proceedings under section 17(1)(a) of the Wealth-tax Act was invalid as there was n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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