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2001 (2) TMI 22 - HC - Wealth-taxWealth Tax, Revision, Powers Of CWT, Valuation Of Assets, Firm - "1. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was justified in holding that the acceptance of the return under section 16(1) is no order which could enable the Commissioner of Wealth-tax to assume revisionary jurisdiction for issue of notice under section 25(2) of the Wealth-tax Act? - 2. Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in holding that on the basis of the valuation in the case of the firm, the share of valuation taken in the hands of the partners is unjustified?" - we answer question No. 1 in the negative, i.e., to say, in favour of the Revenue and against the assessee and answer question No. 2 in the affirmative, i.e., to say, in favour of the assessee and against the Revenue.
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