COMMISSIONER OF WEALTH TAX Vs. GULNAR MARFATIA

JUDGEMENT

(1.) THIS wealth-tax reference application has been made under Section 27(3) of the Wealth-tax Act. It arises out of the order of the Tribunal, Jaipur Bench, Jaipur, in Wealth-tax Appeal No. 128/JB/1980. The Revenue preferred reference application under Section 27(1) of the Wealth-tax Act, which was rejected by the Tribunal on May 25, 1981.

(2.) THE brief facts of the case as alleged by the Revenue are that the assessee is a partner in the firm, M/s. New Majestic Talkies, Ajmer. During the course of the assessment proceedings for the assessment year 1976-77, the question of valuation of the property belonging to the firm was referred to the Valuation Officer. THE Wealth-tax Officer on the basis of the proceedings valued the property as on June 30, 1973. THE assessee's interest in the firm along with his other assets were found to exceed the chargeable limit.

(3.) ON a thoughtful consideration of the facts and circumstances of the case, we are of the opinion that apart from the judgment of the Calcutta High Court referred to by the Income-tax Tribunal, this Court also in Brig. B. Lall v. WTO [1981] 127 ITR 308 (Raj), has taken the same view that a completed assessment cannot be reopened by making reference to the report of the Valuation Officer obtained for the purpose of reopening as it is not a reason for belief within the meaning of Clause (a) of Section 17(1).