TaxTMI 
TaxTMI 
2017 (3) TMI 1419
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....iled another appeal as captioned above in the case of Smt.Kadambaridevi M.Jadeja for AY 2009-10 assailing the another order of the CWT(A)-2, Rajkot dated 29/02/2016. 2. All four appeals are disposed of by common order owing to interconnected facts and similarity in the issues involved. Revenue's appeal in WTA Nos.1 to 3/RJT/2016 for AYs 2008-09, 2009-10 & 2010-11 (in the case of Shri Mandhatasinji M.Jadeja). 3. In these three appeals, the Revenue has challenged the order of CWT(A) granting relief to the Assessee towards penalty imposed under s.18(1)(c) of Wealth Tax Act. 4. Briefly stated, the assessee filed its return of wealth for AY 2008- 09, 2009-10 & 2010-11 on 26/12/2012 declaring net wealth of Rs. 62,18,400/-, Rs. 59,44,600/- an....
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....h were filed prior to the issue of notice u/s.17(1) of the Act and hence it appears clearly that the appellant voluntarily filed the returns of wealth upon coming to know that the net wealth exceeded the exemption limit. The return was revised prior to assessment and only in respect of inclusion of cash in hand and that too without there being any prior detection or show cause notice by the assessing officer. I also find that while filing the original return of wealth the appellant explained in detail as to why cash in hand was not treated as part of net wealth, by placing reliance upon a tribunal decision available at that time. Thus, it I obvious on record that the assessee acted voluntarily and in the bonafide manner and none of the expl....
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....pra, as pointed out by the Ld.AR, we do not find any infirmity in the reasoning of the CWT(A). The CWT(A), in our view, has appreciated the facts in perspective. It is not a case where any wealth was kept hidden from the knowledge of the Department. It is merely a case where the assessee has initially agitated the taxability of cash in hand after making a proper disclosure of the facts thereon and later shifted his stand on the same voluntarily prior to any discussion on the point. Under these circumstances, the conclusion reached by the CWT(A) cannot be faulted. 10. In the result, all the three appeals of the Revenue in the case of Shri Mandhatasinhji M.Jadeja are dismissed. Revenue's appeal in WTA No.04/RJT/2016 for AY 2009-10 (in the c....