2014 (3) TMI 410

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.... appeal by the revenue is from a judgment of the Income Tax Appellate Tribunal dated 23 August 2013 by which the Tribunal decided several appeals under the Wealth Tax Act, 1957 for Assessment Years 1995 to 2002. The Commissioner of Income Tax had imposed a penalty of Rs.33,000/- each for Assessment Years 1995-96 and 1996-97 on the assessee which was confirmed in the appeal by the Commissioner o....

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....ted the circle rate fixed by the registering authority for stamp duty purposes, in determining the valuation. When the matter travelled to the CIT(A), the valuation of the AO was reduced and the Tribunal further reduced the valuation as confirmed by the CIT(A). In the present case, the Tribunal noted that the assessee had valued his assets in accordance with cost index prescribed by the Rules for ....

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.... inaccurate particulars of any asset or debt. Explanation 4 to Section 18 stipulates that where the value of any asset returned by any person is less than 70% of the value of such asset as determined in an assessment under Section 16 or Section 17, such person shall be deemed to have furnished inaccurate particulars of such asset within the meaning of Clause (c) of sub-section 1 of Section 18 u....