1990 (2) TMI 94

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....ference in returned wealth and assessed wealth was only on account of valuation of jewellery and property and there was no concealment of any item of wealth. 3. The assessee filed returns of wealth for the asst. yr. 1979-80 declaring a net wealth of Rs. 2,41,200 which included jewellery estimated at Rs. 66,800, for the asst. yr. 1980-81 declaring net wealth of Rs. 2,53,200 which included jewellery estimated at Rs. 80,000 and for asst. yr. 1981-82 declaring net wealth of Rs.3,09,070 which included jewellery estimated at Rs. 1,00,000. The net wealth of the assessee was assessed for the asst. yr. 1979-80 by the WTO at Rs.4,86,720 which was reduced by the AAC on appeal finally assessed at Rs. 4,21,745 for the asst. yr. 1980-81 by the WTO at ....

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.... According to him, the assessee had made true and full disclosure of all wealth and the valuation of jewellery made by her was also based on bona fide and honest belief. He submitted that the assessee was over 65 years old and on the advice of her husband and Accountant, she filed her wealth-tax returns and, therefore, there was no occasion to levy any penalty. In this connection, our attention was invited to the decision of Tribunal in the case of XYZ vs. Third WTI (1982) 2 ITD 566 (Bom). Our attention was also invited to the provisions of s. 18(1)(c) and it was pointed out that the penalty under his section is attracted only when there is concealment of particulars of any assets or when inaccurate particulars of any assets or debts are fu....