Allowing the petition the Court held that the\u00a0 provisions of section\u00a0147\u00a0of the\u00a0Income-tax Act, 1961\u00a0and section\u00a017\u00a0of the\u00a0Wealth-tax Act, 1957\u00a0as far as the reopening of the assessments are concerned are pari materia. Therefore \u00a0decision of the Supreme Court in\u00a0G. K. N. DRIVESHAFTS (INDIA) LTD. v. ITO\u00a0 ( 2003 ) 259 ITR 19\u00a0 (SC)\u00a0 was to be applied even for re-opening of assessment under the 1957 Act. The order passed under section\u00a018(1)(c)\u00a0of the 1957 Act was set aside and the matter was remitted to the ITO to pass a speaking order on merits accordingly. Matter remanded.. ( AY. 2008-09, to 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealth Tax Act, 1957<\/p>\n
S.17 : Wealth escaping assessment – Reassessment \u2014 Concealment of assets or furnishing of inaccurate particulars \u2014 Penalty \u2014Provisions in pari materia with provisions of Income-Tax Act, 1961 \u2014Law laid down by Supreme Court in Income-tax Matter is applicable to wealth tax proceedings \u2013 Natter remanded to pass speaking order . [ S.17(1), 18(1)(c), ITAct , S.147, Art , 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-22076","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5K4","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22076"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22076\/revisions"}],"predecessor-version":[{"id":24053,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/22076\/revisions\/24053"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=22076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=22076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}