M V KIBE Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THIS is an application under s. 27(3) of the WT Act, 1957 (hereinafter referred to as "the Act").

(2.) THE material facts giving rise to this application briefly are as follows : THE applicant is an HUF and the assessment years in question are from 1967-68 to 1973-74. Reassessment proceedings were initiated against the applicant by the WTO. THE assessee objected to those proceedings but the objections were overruled and the assessee was reassessed. THE assessee preferred appeals before the AAC who set aside the assessment orders with a direction that the matter should be referred to the Valuation Officer under s. 16A of the Act. On appeals before the Tribunal, two contentions were raised on behalf of the assessee: (1) that the WTO had no jurisdiction to reopen the assessments, and (2) that the AAC had no jurisdiction to direct the WTO to refer the matter to the Valuation Cell. THEse contentions were not upheld by the Tribunal which dismissed the appeals. THE application under s. 27(1) of the Act filed by the assessee was rejected by the Tribunal. Hence, the assessee has filed this application.