TMI Blog2000 (4) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... has referred the following questions set out at page 2 of the statement of case for our opinion : "(1) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Commissioner cannot rely on the report of the valuer to invoke the provision of sub-section (2) of section 25 of the Wealth-tax Act, 1957 ? (2) Whether, on the facts and in the circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ioner of Wealth-tax has set aside the assessment orders and directed the Wealth-tax Officer to make a fresh assessment in accordance with law and consider the report of the Valuation Officer by making fresh assessment orders. In appeal before the Tribunal, the Tribunal has considered the decision of this court in Ganga Properties v. ITO [1979] 118 ITR 447 and held that the Commissioner cannot l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee Manjunathesware Packing Products and Camphor Works [1998] 231 ITR 53. He further submits that though the decisions are under section 263 of the Income-tax Act, 1961, section 263 of the Income-tax Act is pari materia with section 25 of the Wealth-tax Act, 1957. In CIT v. Shree Manjunathesware Packing Products and Camphor Works [1998] 231 ITR 53 (SC), their Lordships have considered the meanin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In the result, we answer question No. 1 in the negative, i.e., in favour of the Revenue and against the assessee. Question No. 2 is consequential. We also answer this in the negative, i.e., in favour of the Revenue and against the assessee. The reference application is accordingly disposed of. All parties are to act on an operative part of this judgment on the usual undertaking. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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