TaxTMI 
TaxTMI 
1981 (1) TMI 124
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.... been consolidated, heard together and are being disposed of by a common order for the sake of convenience. The assessee in these appeals is Shri Ram Sharan Kejriwal of Kanpur, an individual. The years of assessment involved are 1965-66 and 1966-67 for which the relevant valuation dates are 31st March, 1965 and 31st March, 1966. 2. The original assessments of the assessee for the years under con....
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....nd Rs. 13,04,375 (Asst. yr. 1966-67). 3. Aggrieved by the said reassessments, the assessee brought the matter by way of appeals before the AAC of Wealth-tax, who has cancelled the reassessment orders by observing as under: "In my opinion, the contention of the learned counsel of the appellant deserve to be accepted in the facts of this case. In my opinion, all relevant details were already dis....
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.... law because the reopening was not proper." 4. We have heard both the Deptl. Rep. and the ld. counsel for the assessee, Shri K.S. Kalra. The Deptl. Rep. has urged that the AAC has erred in holding that the reassessments made were bad in law, because the reopening was not proper. According to the Deptl. Rep., the AAC should have held that by ignoring the rise in the prices of the land and buildin....
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....not be said to have been foreseen by the assessee on the dates, when those returns were filed. It was up to the WTO when all the material facts were disclosed to hold an enquiry, if required, and find out the correct market value of the said property. This in action on the part of the WTO at that stage cannot be equated with the alleged failure of the assessee to disclose all the material facts fu....