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TMI Blog1984 (3) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... 17,050. He did not include in the return the house situated at Kennedy Avenue. A revised return was filed on July 5, 1969, enhancing the value of the land to Rs. 27,050 from Rs. 17,050. In the return he showed that he also owned a house in Kennedy Avenue but he claimed an exemption on the ground that it was a residential house. The WTO assessed the house at Rs.1,15,000. The assessee submitted his return relating to the assessment year 1969-70 on August 20, 1969, declaring the value of the land at Rs. 17,050 and that of the house at Rs. 1,03,997. He claimed exemption to the extent of Rs. 1,00,000 in respect of the house and included the balance of Rs. 3,997 in the total wealth. The WTO again estimated the value of the house at Rs. 1,15,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. The assessee pleaded before the IAC that full particulars of the assets were disclosed and, therefore, he could not be charged for concealment. He also, inter alia, pleaded that a lower value of the house was shown for the assessment years 1968-69 and 1969-70, because that remained under construction in those years. The pleas raised by the assessee were not accepted by him and penalties were imposed on the assessee for all the three assessment years. The assessee went up before the Income-tax Appellate Tribunal in appeal which accepted the same and deleted the penalties. The Commissioner of Wealth-tax moved an application under s. 27(1) of the Act requesting the Tribunal to draw up a statement of case and refer the following four ques ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 and 4 but did not refer question No. 2 as claimed by the petitioner: " 1. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that charge under section 18(1)(c) of the Wealth-tax Act, 1957, can be created for concealment of the particulars of any asset and not for disclosing the full value of assets or for declaring lower value of assets in the return ? 2. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the Explanation to section 18(1)(c) of the Wealth-tax Act, 1957, could not be invoked by the Inspecting Assistant Commissioner in the manner he did ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount representing the value of any assets in respect of which the particulars have been concealed or any assets or debts in respect of which inaccurate particulars have been furnished. Explanation 1.-Where, (i) the value of any asset returned by any person is less than seventy-five per cent. of the value of such asset as determined in an assessment under section 16 or section 17 (the value so assessed being referred to hereafter in this Explanation as the correct value of the asset), or ...... then, such person shall, unless he proves that the failure to return the correct value of the asset or, as the case may be, the correct value of the debt or the correct net wealth did not arise from any fraud or any gross or wilful neglect on hi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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