1979 (4) TMI 82

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..... the learned counsel for the assessee and the learned departmental representative. 3. The IAC, to whom the matter was referred, had levied penalties for the above assessment years under s. 18(1)(c) of the WT Act on the ground that the following specific items and assets were not disclosed by the assessee in the returns of wealth filed by him. (a) Jewellery, (b) Shares in Star Paper Mills ltd. .....

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..... idhana". He had also attached a list of such jewellery. It is the assessee's plea that due to the bonafides belief that such "Stridhana" of the wife is not includible in his assessments, he was not included the value of such jewellery in these assessment. As regards the shares in star Paper Mills Ltd., the plea of the assessee is that due to bonafide inadvertence the value of the shares was not in .....

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..... 1967-68 705 64,000 1968-69 939 67,500 1969-70 1096 76,500 1970-71 1366 70,000 From the above, it is very clear that the assessee would have no mens rea to omit the above items in the returns for which the wealth-tax was trivial compared to the oppressive penalties levied. On a careful consideration of the entire .....

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