2005 (8) TMI 58

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....Wealth-tax Act?" The assessment year is 1983-84 and the valuation date is Asovad Amas of Samvat Year 2038. The assessee filed return of wealth on September 28, 1983, and was assessed on a net wealth of Rs. 1,99,540 under section 16(1) of the Act. The Commissioner initiated action under section 25(2) of the Act for the reasons stated in the notice issued on March 27,1987. Although the show-cause notice is not available on record, from the order of the Commissioner it appears that it was in the context of gold ornaments declared by the wife of the assessee, Smt. Arunaben, in the return of wealth filed by her for the assessment year 1983-84. According to the Commissioner, the explanation of the assessee that gold ornaments belonged to the w....

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.... It appears from the order of the Tribunal that simultaneously similar action was initiated under section 263 of the Income-tax Act against which the appeals were heard by the Tribunal and the Tribunal had held that the Commissioner of Income-tax could not have taken action under section 263 of the Income-tax Act because the record of some other assessee would not form the record of the assessee concerned, no matter how closely they were related to the assessee. Ms. M. M. Bhatt, learned standing counsel for the applicant-Revenue, has invited attention to decision of this court rendered on July 3, 2002, in Income-tax Reference No. 180 of 1989 in the assessee's own case since reported in [2003] 259 ITR 386 to point out that the High Court....

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....in the books of the father cannot lead to the conclusion that no ornaments were given to the lady at the time of her wedding which took place in the year 1974 when rate of gold was very meagre." The Tribunal has further recorded that the departmental representative was not in a position to produce any statement recorded during the course of search or recorded during the course of proceedings under section 132(5) of the Income-tax Act which may indicate in any manner that there existed any material to suspect the ownership of the gold ornaments weighing 656 gms. claimed by Smt. Arunaben as belonging to her. It is further found that the Commissioner has not been able to bring any material on record to show that Smt. Arunaben was not the re....