TMI Blog1983 (12) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... 7-68 and 1968-69. The WTO, Bombay, completed the wealth-tax assessment for the assessment year 1967-68, by order dated March 18, 1968, and computed the total net wealth at Rs. 20,44,794. The assessment for the assessment year 1968-69 was completed by order dated August 22, 1970, and the net wealth was found to be Rs. 22,22,007. On March 29, 1976, the petitioner was served with a notice under s. 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hearing on February 26, 1980, the petitioner's authorise representative was orally informed that the reopening of the assessment was initiated because the WTO proposed to revalue the shares held by the petitioner in the company known as Neville Wadia Private Limited. The petitioner thereafter approached this court by filing the present petition under art. 226 of the Constitution of India to challe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after the petitioner disclosed all the relevant information about the valuation of the shares, and the WTO accepted the said valuation. It was urged that the mere fact that subsequently the WTO is of the opinion that the shares were not properly valued is not sufficient to reopen the assessment. The respondents have not filed any return in answer to the petition, but Shri Joshi, learned counsel a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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