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2005 (2) TMI 38 - PUNJAB AND HARYANA HIGH COURT"Whether Tribunal is right in law in cancelling the order passed by the then Commissioner of Wealth-tax under section 25(2) of the Wealth-tax Act, 1957?" – Valuation of assets - Revenue argued that the view taken by the Tribunal on the validity of reference made by the Wealth-tax Officer to the Departmental Valuation Officer is patently erroneous and the Commissioner did not commit any illegality by relying on the report dated March 14,1985, because in terms of section 16A(1)(b) r.w.s. 16A(4), reference can be made to the Valuation Officer, even if no return has been filed by the assessee. He further argued that the proceedings of assessment will be deemed to have commenced with the issuance of notice dated November 14, 1981, u/s 17 and, therefore, the Wealth-tax Officer did not commit any illegality when he asked the Departmental Valuation Officer to value the assessee's property - In the present case, the assessee was required to file the return on or before July 31, 1979, which he failed to do. Notice under section 17(1) was issued on November 14, 1981, for filing the return for the purpose of assessment of his wealth. We hold that the proceedings of assessment will be deemed to have commenced on November 14, 1981. - it is held that the Tribunal was not right in cancelling the order passed by the Commissioner under section 25(2)
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