1979 (11) TMI 140

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.... penalties imposed under s. 18(1)(c) of the WT Act, 1957. 2. The assessees are individuals, For the asst. yrs. 1972-73 and 1973-74 and all the three and first two the assessees originally filed returns of wealth in which the value of household utensils made of silver had not been included. Assessments were completed on the basis of such returns. Thereafter on 29th Oct., 1974 the assessees' prem....

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....cepted the contentions of the assessee that they were not aware of the amendment of s. 5(1)(viii) w.e.f. 1st April, 1972 restricting the exemption given to household articles by excluding articles made of silver. He accordingly held that there was no material on record to infer that there was any deliberate concealment and therefore cancelled the penalties imposed. 4. The revenue has appealed a....

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....revised returns only after the inspection of the premises, but that itself does not mean that the omission to include the silverware in the original returns was deliberate. This was because there was a change in the law relating to the taxability of the silverware. Since the exemption given to silverware was withdrawn only from 1st April, 1972 any omission to include the value of silverware in the....

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....that the assessees were not conscious of the amended provisions of the Act when the original return was filed. That the being the position, there can be no doubt that the omission to include the value of the silverware in the original return was not a wilful concealment, but was only an unintentional omission similar to the omission of the jewellery. Obviously, the assessees were not fully conscio....