9911796707
TMI Blog2004 (8) TMI 74X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue, the following question of law has been referred for the opinion of this court by the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (for short, "the Tribunal"), under section 27(3) of the Wealth-tax Act, 1957 (for short, "the Act"), in respect of the assessment year 1977-78: "Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mber 4, 1981, the Commissioner of Wealth-tax, exercising jurisdiction under section 25 of the Act, set aside the assessment order dated February 12, 1980, on the ground that the question of valuation of interest of the assessee in Preet Palace Theatre had not been gone into. The assessee preferred an appeal before the Income-tax Appellate Tribunal and submitted that the order revising the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deal 5 with the question of valuation of interest of the assessee which question was involved at the time of the original assessment finalised vide order dated March 8, 1978, the order of the Commissioner of Wealth-tax could not be sustained. The Tribunal followed its earlier order in W.T.A. No. 5 of 1982. We have heard learned counsel for the Revenue and perused the record. Section 25(2) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee in Preet Palace Theatre was gone into. Admittedly, the Commissioner has revised the order dated February 12, 1980, which had been passed to regularise the revised return by issuing a notice under section 17 of the Act to tax only the share of immovable properties inherited by the assessee from his father which had earlier been left out inadvertently. The order of the Wealth-tax Officer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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