9911796707
TMI Blog1982 (9) TMI 130X X X X Extracts X X X X X X X X Extracts X X X X ..... 965-66: 31st March, 1965 is the valuation date. Assessee is an individual. Assessment was completed by the WTO as per order dt. 7th December, 1976 determaining net wealth at Rs. 5,28,600 as against declared net wealth of Rs. 1,53,600 as per return dt. 17th April, 1970. 3. Said figure of assessed net wealth included the value of an immovable property described as Gorakhpur property situated at Ja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly given by the assessee. It was emphasised that whereas Rs. 80,000 had been declared as value of the said property by the assessee and WTO had estimated the value of the said property at Rs. 4,20,000, In quantam appeal, the Tribunal found the value of the said property at Rs. 94,588 only. We agree with the assessee that estimate of value involves a matter of opinion and that assessee was guilty o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee had filed return of net wealth for the asst. yr. 1968-69 after obtaining registered valuer s report as to valuation as on 31st March, 1968 and the registered valuer had estimated the value of the property in question at Rs. 5,53,800. Though even for the asst. yr. 1968-69, assessee had returned the value of the said property at a figure lower than Rs. 5,53,800, the said returned figure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , in the quantum appeal, estimated the value of the property in question at Rs. 94,588 only. Thus, there was a difference of barely Rs. 14,000 and odd between the declared value and the value as stood estimated finally after assessment. We, therefore, hold that penalty is not exigible either with the aid of the statutory Explanation or independently of the provisions of that Explanation. Penalty i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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