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2008 (4) TMI 473 - HC - Wealth-taxWealth Tax - Reassessment - Whether on the facts and in the circumstances of the case and in law, the hon'ble Income-tax Appellate Tribunal was justified in holding that the Assessing Officer was not justified in reopening the assessment on the basis of the valuation report obtained by him sub-sequent to the date of completion of assessment ? Held that - the wealth tax officer has in some circumstances, to complete the proceedings for assessment within the time limit set out under the Act. In these circumstances if the report is called for and the report is not received, the time for completing the assessment proceeding is not saved. If the WTO in such circumstance completes the order of assessment before the report is received he could not be precluded from considering the report as information for the purpose of issuing notice for reassessment under section 17(1). This would also be the position in a case where assessment is completed before the report is received irrespective of the issue of limitation for completing the assessment. From the reading of section 16A(4) and (5), it is clear that the report is submitted after giving an opportunity to the assessee who also was entitled to lead this evidence before the valuation officer, before he proceeds to value the property. Such a document will have to be treated as information giving rise to reason to believe that wealth has escaped assessment.
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