TaxTMI 
TaxTMI 
TaxTMI 
1985 (5) TMI 47
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....rns were filed beyond the period of limitation but before any notices under s. 14(2) of the W.T. Act (" the Act " for short) were issued. The petitioner paid the tax due. She fully co-operated with the WTO during the assessment proceedings. She furnished complete details of her jewellery. She gave full particulars of each item of the jewellery. She did not conceal the particulars of any assets and did not furnish inaccurate particulars thereof. It is her case that she filed the returns in good faith and made full disclosure of her net wealth. The WTO accepted the value of the jewellery declared by the petitioner for the assessment years 1966-67 to 1972-73 with slight additions here and there. The petitioner in her return for the assessment ....
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....essment years 1973-74 and 1974-75. In his orders, the Commissioner observed that the WTO had made additions of Rs. 27,990 to the, value of jewellery returned by the assessee for the assessment year 1973-74 and of Rs. 69,200 for the assessment year 1974-75. The value of gold had gone up very high and the assessee could not be oblivious of this fact. Still the value of the jewellery as certified by the approved valuer as on March 31, 1972, was repeated for these two years. He further observed that considering that there was a sudden rise in the prices of the jewellery, the assessee could not be considered to have adopted the same value of the jewellery for the two years in good faith. He concluded that the disclosure made by the assessee was ....
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....lty imposed or imposable on a person under clause (i) of sub-section (1) of section 18 for failure without reasonable cause to furnish the return of net wealth which such person was required to furnish under sub-section (1) of section 14, or... if he is satisfied that such person,- (a) in the case referred 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... 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 passed under this Act in respect of the relev....
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....This assertion has not been denied in the written statement and the plea has not been controverted by the learned counsel for the Revenue during the course of the arguments. From a conjoint reading of s. 18(1)(c) and Explanation to s. 18B of the Act, it becomes clear that a person shall be deemed to have made full and true disclosure of the particulars of his assets if he has not concealed the particulars of any assets or has furnished accurate particulars thereof. This very important aspect of the statute has escaped the notice of the Commissioner. Similarly, the Commissioner did not address himself to the implications of the assessee's reliance on the certificate of value of the assessee's assets in the subsequent two years. A Division B....
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..... This view was reiterated by another Division Bench of the Allahabad High Court in Radhey Shyam Chandrika Prasad v. CIT [1983] 139 ITR 274. It is manifest from the above observations that if the full particulars required to be mentioned in the various columns of the returns have been furnished by the assessee and he has supplied the necessary information in relation to his wealth, it cannot be said that he did not make a fall disclosure of his net wealth or it was not made in good faith. Even if the value of the assets, particulars of which have been fully disclosed, is not accepted by the assessing authority, it would not be possible to accuse the assessee of bad faith. Before exercising his jurisdiction to reduce or waive the penalty, ....