1991 (2) TMI 58

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....s. The petitioner filed returns under the Wealth-tax Act in respect of the assessment years 1972-73 and 1973-74 on October 7, 1974. For the assessment year 1974-75, however, he had filed the same on September 30, 1974 itself. The assets owned by him included an agricultural property. He valued the same at Rs. 400 per bigha according to which the value of the said asset ranged near about 80,000. The Wealth-tax Officer, however, did not accept the said valuation. He noticed that the income from the said asset disclosed by the petitioner himself was rupees eight to ten thousand per annum. Applying the multiple of fifteen, he valued the said assets at Rs. 1,50,000. On appeal, the valuation was reduced to Rs. 1,08,000 and that became final. O....

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....ed to in clause (i), has, prior to the issue of notice to him under sub-section (2) of section 14, voluntarily and in good faith, made full and true disclosure of his net wealth, and (b) in the case referred to in clause (ii), has prior to the detection by the Assessing Officer, of the concealment of particulars of assets or of the inaccuracy of particulars furnished in respect of any asset or debt in respect of which the penalty is imposable, voluntarily and in good faith made full and true disclosure of such particulars, and also has co-operated in any inquiry relating to the assessment of his net wealth and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order pa....