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2009 (3) TMI 499 - HC - Wealth-taxValuation of House- The assessee, a limited company in which the public are substantially interested, carried on business in textiles. The company was closed on April 1, 1991, due to various reasons. The net worth of the company was completely eroded and it was declared a sick company under section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985. The assessee converted certain properties as stock-in-trade in the year 1981-82. The assessee filed wealth-tax return for the assessment year 1993-94 declaring wealth of Rs. 8,77,741. The Assessing Officer, however, completed the assessment determining the net wealth at Rs. 47,15,24,500. Against the assessment order, the assessee filed an appeal before the Commissioner of Wealth-tax (Appeals), who partly allowed the appeal. Against that order, both the assessee and the Revenue filed appeals before the Income-tax Appellate Tribunal. The Tribunal dismissed the assessee’s appeal and partly allowed the Department’s appeal. Hence the present appeals before this court at the instance of the assessee. Held that- the Commissioner of Wealth tax (Appeals) ought to have given an opportunity to the assessee to place the materials as required under the Rules and ought to have adjudicated the issue without rejecting it on the premise that it had not been taken before the Assessing Officer. The claim for exemption under section 7(4) had also not been considered. The order of Tribunal was not valid.
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