TMI Blog1972 (9) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... ason to believe that net wealth chargeable to tax for the assessment years 1963-64 to 1966-67 has escaped assessment within the meaning of section 17 of the Wealth-tax Act, 1957. The facts leading to the case are that the petitioner is the owner of some properties including 12/1, Nather Bagan Street, Calcutta-5, and 2, Sovabazar Street, Calcutta. By a deed of trust executed in writing on 6th April, 1957, and registered, the petitioner settled the properties in favour of the trustees, Sri Ajit Kumar Chowdhury and Arun Kumar Chowdhury. Under the said trust deed the wife and sons of the petitioner were the beneficiaries in respect of the income out of the trust properties. The petitioner paid gift-tax to the extent of Rs. 17,019.20 as per noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 17 is absent and as such the notice is without jurisdiction and, prima facie, void. Mr. Bhattacharjee on behalf of the petitioner contended that there was no omission on the part of the petitioner to disclose the material facts before nil assessment was made by the officer concerned. There is no doubt that there is a trust deed upon which the nil assessment was made by the Wealth-tax Officer. By the trust deed it is clear that the property has been transferred to the trustees for the benefit of the sons and the wife of the petitioner. At the present moment, therefore, it does not appear to me that there is omission on the part of the assessee in respect of the trust to place all the materials, before the authorities concerned for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atently barred by limitation. Mr. Sen on behalf of the respondents contended that if it is under section 17(1)(b) the assessment for any year beyond four years cannot be reopened. In view of the fact that, in my opinion, the respondent has reason to believe that, under section 17(1)(b) of the Wealth-tax Act, 1957, in consequence of information in his possession, the net wealth chargeable to tax has escaped assessment, the notice, in so far as the assessment year 1966-67 is concerned, is a valid one. The other notices for the assessment years 1962-63, 1963-64 and 1965-66 under section 17(1)(a) are barred and must be set aside, as, in my opinion the Wealth-tax Officer has no reason to believe that by reason of the omission or failure on the p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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