9911796707
TMI Blog1989 (11) TMI 20X X X X Extracts X X X X X X X X Extracts X X X X ..... 1973-74 ?" In the course of the wealth-tax assessment proceedings for the assessment years 1966-67 and 1973-74 in the case of the assessee, Sardar Rajendrasingh, a leading advocate of Jabalpur, the Wealth-tax Officer found that the assessee had not included the following assets in his net wealth : 1966-67 Credit balance in wife's name in Allahabad Bank Rs. 6,976 Jewellery Rs. 8,000 ------------------ Total Rs. 14,976 ------------------ With regard to the year 1973-74, the corresponding amounts were Rs. 9,963 and Rs. 10,000, the total being Rs. 19,963. The Wealth-tax Officer included the amounts in computing the net wealth of the assessee for the two assessment years. He also ini ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he absolute owner of the said assets being the legal heir of the wife who died in the year 1952. He rejected the submission that the jewellery was given to his married daughter, Smt. Amrita Bogra, after the death of his wife. Before the Tribunal, on further appeal by the assessee, it was submitted that both the Wealth-tax Officer and the Appellate Assistant Commissioner overlooked the fact that the assessee had been disclosing his Bombay property in his return of net wealth for the assessment years starting from the year in which, the property was acquired in the name of his wife up to and including the assessment year 1970-71 and it was only after the assessee had gifted the amount of Rs. 50,000 by a gift deed dated October 26, 1970, tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee had declared under the head "Immovable property": "Property at Bombay in wife's name, Smt. Dhan Rajendrasingh, Rs. 66,000." This went to show that the assessee expected to be assessed in respect of the aforesaid asset under section 4(1) of the Wealth-tax Act, but not in respect of the asset representing the accumulation in the bank account in the name of the assessee's wife of the income from the said property and interest on such accumulated income also lying in the same savings bank account. So also with regard to the assessment year 1973-74, the Tribunal further came to the conclusion that merely because eventually the claim of the assessee had been negatived by the Tribunal, it did not ipso facto render the assessee's action to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following conclusion : "The upshot of the above discussion is that the assessee had declared his wife's bank account in the revised statement of wealth for the assessment year 1966-67 and the assessment year 1973-74 and, the Tribunal has already held that the said bank account stood gifted by the assessee to his wife. In this background, the Tribunal has cancelled the penalties under section 271(1)(c) and this essentially is a finding of fact in the context of the facts mentioned above." The finding that the jewellery of the deceased wife of the assessee went to his married daughter is supported by the evidence on record. The cancellation of penalty did not entail any question of law. We think the Tribunal has rightly held that it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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