COMMISSIONER OF WEALTH TAX Vs. S L CHITALE

JUDGEMENT

(1.) THE question referred to us in this case is similar to the one that was considered by this court in the case of CIT v. M.N. Sulaiman [1999] 238 ITR 139. That was a case under the Income-tax Act while these cases are under the Wealth-tax Act. However, the scope of the revisional powers of the Commissioner under the two Acts is similar.

(2.) FOR the assessment years 1978-79 and 1979-80, the wealth-tax assessment was made by the Wealth-tax Officer without waiting for the receipt of the valuation report in respect of the house property owned by the assesses even though the report had been called for. The report subsequently received showed a valuation which was three times the value that had been adopted by the assessee and which had been incorporated in the assessment year. The Commissioner being of the view that the order was prejudicial to the Revenue, called for the records, and the records were examined by him. At the time of examination, it contained the valuation report which had been received after the assessment. The Commissioner after due notice to the assessee relied on the valuation report and revised the assessment. At the instance of the assessee, the Tribunal set aside that order of the Commissioner holding that he should not have taken note of the valuation report which was received subsequent to the date of the assessment.