COMMISSIONER OF WEALTH TAX Vs. KAMAL KUMAR MANSINGHKA

JUDGEMENT

(1.) THIS is an appeal under Section 27A of the WT Act and the office has wrongly registered it as OTR Tax Ref.

(2.) THE office is directed to register it as an appeal and number it accordingly.

(3.) THE facts which are found by the Tribunal and are not in dispute shows that in the first instance, the assessment for 1983 -84 under the WT Act, 1957, was completed on 16th Feb., 1984 which was founded on the order of the Tribunal in the case of Seth Pussalal Mansinghka Trust for asst. yrs. 1980 -81 and 1982 -83 in which the assessee was allowed to exercise the option about inclusion of value of immovable property in question, which was under the said trust in the hands of the appellant from asst. yr. 1982 -83 onwards. In the first instance, a notice under Section 17 was served on the assessee on 12th March, 1985 reopening the assessment for asst. yr. 1983 -84 and calling upon the assessee to include the value of immovable property in question belonging to the trust in its wealth under Section 21(1A). In pursuance thereof, the fresh return was filed by the assessee disclosing the total wealth as same as was returned in the original return. However, the. said return was revised to include the value of immovable property of the trust in the net wealth of the assessee. The said revised return was assessed under Section 16(3) r/w Section 17 vide order dt. 15th March, 1988.