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2011 (7) TMI 178 - HC - Wealth-taxReassessment u/s 17 of Wealth Tax Act - Reference to Valuation officer - It is an admitted fact that the assessee had returned its income and the materials were also placed before the Wealth Tax Officer at the time of the original assessment; thereby there is nothing to suggest that the assessee had withheld the material facts or that the facts placed before the Officer are not truly and fully disclosed, necessary for assessment - mere fact that the Officer rejects the valuation of the assessee based on the Valuer's Report, obtained under Section 16A in respect of a reference made during the pendency of the assessment, by itself, would not justify the requirements under Section 17(1)(a) to reopen the assessment under Section 17(1)(a) of the Act - Decided in favor of the assessee
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