https://www.taxtmi.com/caselaws?id=67968 The ITAT Jaipur upheld the Department's appeals, reinstating the WTO's order and overturning the AAC's decision. The case centered on the discrepancy in asset valuation between the assessee and the Departmental Valuer, leading to a confirmed concealment due to inaccurate particulars. The ITAT found that the assessee had filed returns based on estimates, not approved valuer reports, shifting the burden of proof to the assessee to establish accurate valuation. The judgment underscores the significance of precise asset valuation in wealth assessment to avoid penalties for concealment. en-us Thu, 20 Aug 1987 00:00:00 +0530 Tue, 15 Mar 2011 18:58:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67968 The ITAT Jaipur upheld the Department's appeals, reinstating the WTO's order and overturning the AAC's decision. The case centered on the discrepancy in asset valuation between the assessee and the Departmental Valuer, leading to a confirmed concealment due to inaccurate particulars. The ITAT found that the assessee had filed returns based on estimates, not approved valuer reports, shifting the burden of proof to the assessee to establish accurate valuation. The judgment underscores the significance of precise asset valuation in wealth assessment to avoid penalties for concealment. Case-Laws Wealth-tax Thu, 20 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67968