Case Law Details
CIT, Chennai Vs M/s Simpson & Co. (Madras High Court)- There must be a nexus between the material at the hands of the Officer and formation of belief that there was escapement of wealth from assessment on account of the failure of the assessee to disclose fully and truly, all material facts. In the absence of any nexus or any one of the requirements, the reassessment proceedings could not be upheld as one falling under Section 17 of the Wealth Tax Act.
The mere fact that the Officer rejects the valuation of the assessee based on the Valuer’s Report, obtained under Section 16A in respect of a reference made during the pendency of the assessment, by itself, would not justify the requirements under Section 17(1)(a) to reopen the assessment under Section 17(1)(a) of the Act.
CIT, Chennai Vs M/s Simpson & Co.,
Decided By- Madras High Court
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