M. Rama Jois, J.—These are two references under section 27(1) of the Wealth-tax Act, 1957 ("the Act" for short).

2. The question referred for our opinion in both the references, which is common, is as under :

"Whether, on the facts and in the circumstances of the case, the reassessment could be held to be valid under section 17(1)(b) of the Act, though it was reopened under section 17(1)(a) of the Wealth-tax Act ?"

3. The brief facts of the case, necessary for answering the reference, are these :

The assessee is the same in both the references. The assessment years concerned are 1974-75 and 1975-76. During the pendency of these assessment proceedings on February 17, 1976, the Assessing Officer called for a valuation report in respect of a building called "Harsha Mahal" from the Official Valuer under section 16 of the Wealth-tax Act. However without waiting for the valuation report, the Wealth-tax officer completed the assessment for both the assessment years on April 2, 1976. The wealth of the assessee was determined at Rs. 2,53,100. This included the value of the building "Harsha Mahal" at Rs. 5,65,000. This valuation had been arrived at by the Wealth-tax Officer by applyi