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2002 (9) TMI 78 - HC - Income Tax"Whether, there was jurisdiction to assess the company in liquidation for wealth-tax for the assessment years 1984-85 to 1986-87 unless and until the assessing authority established from the books that the assets exceed the liabilities in value?" - The fact that the Wealth-tax Act does not contain a provision similar to section 178 of the Income-tax Act would not make any difference to the taxability of the net wealth of a closely held private company which has been subjected to a winding up order. - The Assessing Officer therefore was competent to make the assessment of the net wealth of a closely held private company, the assessee herein, even though that company had been subjected to a winding up order made by the company court. - The Assessing Officer having ascertained all the liabilities set out in the statement filed along with the return, there was no further need for the Assessing Officer to verify the books of account of the company. - The question referred to us is therefore answered in favour of the Revenue and against the assessee.
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