1982 (9) TMI 130

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.... 1979 of the AAC of Wealth-tax were taken up together for hearing. 2. Asst. yr. 1965-66: 31st March, 1965 is the valuation date. Assessee is an individual. Assessment was completed by the WTO as per order dt. 7th December, 1976 determaining net wealth at Rs. 5,28,600 as against declared net wealth of Rs. 1,53,600 as per return dt. 17th April, 1970. 3. Said figure of assessed net wealth inclu....

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....t. It was also urged that even the particulars could not be said to have been inaccurately given by the assessee. It was emphasised that whereas Rs. 80,000 had been declared as value of the said property by the assessee and WTO had estimated the value of the said property at Rs. 4,20,000, In quantam appeal, the Tribunal found the value of the said property at Rs. 94,588 only. We agree with the ass....

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..... Depth. Rep. Submitted that prior to filling of the instant return on 16th April, 1970, the assessee had filed return of net wealth for the asst. yr. 1968-69 after obtaining registered valuer's report as to valuation as on 31st March, 1968 and the registered valuer had estimated the value of the property in question at Rs. 5,53,800. Though even for the asst. yr. 1968-69, assessee had returned the....

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....ing the return in question. Another important fact in this regard is that the Tribunal had, in the quantum appeal, estimated the value of the property in question at Rs. 94,588 only. Thus, there was a difference of barely Rs. 14,000 and odd between the declared value and the value as stood estimated finally after assessment. We, therefore, hold that penalty is not exigible either with the aid of t....