TMI Blog1989 (2) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue, the Income-tax Appellate Tribunal has referred the following question of law for the decision of this court : "Whether, on the facts and in the circumstances of the case, the Wealth-tax Officer had validly reopened the assessment under section 17(1)(b) of the Wealth-tax Act?" A common question arises for consideration in both these cases. The common respondent is an assessee to wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the value determined by the Valuation Officer. The pleas of the assessee, that the reassessment proceedings are invalid and also the value adopted by the Valuation Officer is arbitrary, were rejected. In the appeals, the Appellate Assistant Commissioner accepted the pleas of the assessee and held that the reassessments, made on the basis of a reference made under section 16A of the Act, subseque ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... os. 194 and 195/Coch/82 before the Tribunal to refer certain questions of law which, according to it, arose out of the appellate order passed by the Tribunal. Accordingly, the Appellate Tribunal has referred the question of law, extracted hereinabove, for the decision of this court. We heard counsel for the Revenue as also counsel for the respondent/ assessee. It is common ground that the wealth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing an assessment that the assessing officer can refer the valuation of any asset to the Valuation Officer. Admittedly, the assessments were completed for the two assessment years 1972-73 and 1973-74 as early as on March 23, 1974. At the time when the reference was made to the Valuation Officer, no assessment proceeding was pending. The reference made to the Valuation Officer was, therefore, unaut ..... X X X X Extracts X X X X X X X X Extracts X X X X
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