1987 (8) TMI 153

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Rs. 11,83,970 and Rs. 11,53,420. The contention of the Departmental Representative was that in the penalty proceeding the assessee had submitted that the return was filed on estimate basis and that the valuation report had not been received till the filing of the return and as the assessee had given full particulars in respect of the asset as well as its value and mere enhancement of the value does not lead to the conclusion that there was a concealment. The WTO applied Expln. 4 to s. 18(1)(c) which provides that in case the value of any asset is less than 70 per cent of the value of such asset determined in the assessment then a deemed concealment comes into operation in respect of the asset and the assessee has failed to prove that the va .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... afforded to the assessee on 16th March, 1983 in response to which the assessee's counsel has contended as under: "1. That the assessee's wealth is more than 75 per cent is due to the valuation done by the departmental valuer on the high value which has got no basis for concealment in such circumstances; 2. That the assessee filed the return on estimate basis at the time of assessment it was told to the assessing authority that the value be taken as per the valuation report and the return be accordingly treated as revised; 3. That in past years also, no action was, therefore taken-dropped on this ground; 4. That no concealment was, therefore, done. Correct particulars were given in the return, and 5. That there are certain rulings .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ets on estimate basis and only conceded to adopt the value as was adopted for the earlier year which was on the basis of departmental valuer's report. If the assessee had known that the value would be different or higher value could be adopted and that he has not filed the return on a proper basis, the assessee has unnecessarily invited trouble for himself as the explanation goes to indicate that merely bringing an asset into wealth is not sufficient in itself but at the same time what is required is to bring the asset at its proper value. In the instant case the observation of the WTO r/w the contention of the assessee which has been reproduced above goes clearly to establish that there was a concealment which is hereby confirmed, thus the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X