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2015 (11) TMI 650 - HC - Wealth-taxValidity of Wealth Tax Assessments - whether ITAT was justified in holding that the assessment order passed on 7.2.2007 is within the limitation period and hence a valid return ? - Held that:- Assessment in the instant case was made on legal heir of late assessee who alone was declared to be the only legal heir by this court pursuant to dispute between different parties claiming to be legal heir of the assessee. Further assessment has been framed by the Assessing Officer to give effect to the conclusion of the Hon’ble High Court that the properties owned by the assessee were his self acquired property and not owned by him in his HUF status. The said order of assessment giving effect to the orders passed by this court were passed under Section 17A(4) of Wealth Tax Act/153(3) of the Income Tax Act and could be passed at any time and the provisions of sub section (1), (1A), (1B) and (2) of the said section, had no application to the facts of the instant case and, therefore, the assessment proceedings can definitely be held to have been completed within the prescribed time frame. The provision of sub section (2A) to Section 153, which provision, as discussed above, is not at all applicable to the facts of the instant case. The order passed by ITAT, holding that the assessment order passed on 7.2.2007 was within limitation period is factually and legally correct and the said order does not suffer form any irregularity, illegality or perversity. Accordingly, both the questions of law are answered against the assessee.
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