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2004 (10) TMI 60 - ALLAHABAD HIGH COURTPower of Commissioner - Tribunal canceling the order of the Commissioner of Wealth-tax passed under section 25(2) of the Wealth-tax Act as without jurisdiction - Held that in view of the clear words used in clause (b) of the Explanation to section 263(1) of 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-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. – Revenue appeal accepted
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