9911796707
TMI Blog1984 (3) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... 76 was finalised under s. 16(3) on 30th March, 1980, determining the net wealth at Rs. 8,86,500. Accordingly penalty under s. 18(1)(c) was initiated and a final opportunity was provided to the assessee vide notice dt. 9th Dec., 1981. However, the assessee did not avail of the opportunity. 2.2. In this case the provisions of deemed concealment as envisaged in Expln. 4 of s. 18(1) of the WT Act are applicable. Under this Explanation, in case of concealment a presumption of wilful concealment is to be drawn where the value of the asset returned by the assessee is less 75 per cent of the value of asset on assessment. The said explanation casts the burden of proof on the assessee and if in such case where the onus is not discharged by the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovision and according to that concealment of particulars and deliberate furnishing of inaccurate particulars of net wealth were to be included. Strict interpretation of IPC in respect of the punishment was not to be imported. 4.4. In respect of the difference because of bona fide difference of opinion between the assessee and the WTO, he observed that Expln. 4 to s. 18(1) of the WT Act is precisely meant to cover such cases buy defining what would be a bona fide difference of opinion and deemed concealment. Since there was such difference, there was presumption about deliberate furnishing of inaccurate particulars for concealment of wealth and onus was shifted to the assessee. 5. Before us the ld. Counsel appearing on behalf of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder appeal the status was mentioned as 'Individual'. For the sake of clarification it was also mentioned that Madhukar K. Munshaw was also assessed separately to wealth-tax and also to income-tax. But no clubbing was done. He then brought to our notice at p. 85 the order of the AAC (the some person) who had disallowed the penalty levied on Shri K. C. Munshaw, HUF in asst. yr. 1973-74 being penalty levied under s. 221, on the ground that penalty could not be levied on HUF which had ceased to exist as per the order of the CIT (A) dt. 30th Nov., 1981. Since, this was the position, this very AAC (same person) confirmed the penalty levied by the WTO of Rs. 7,50,000 ignoring his own findings while deleting the penalty under s. 221 for asst. yr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessed. In respect of the S. O. property the sale proceeds of Vastrapur land the same were included because the partial partitions were not recognised. In respect of the third item, viz., house, it was submitted that WTO had committed a clerical mistake and he had adopted Rs. 89,447 in place of Rs. 22,417. In respect of the loans and advances there as duplication of mistake. Only because of this the net wealth came to be assessed at much higher value than it was returned. 6.1. Certain legal irregularities were also brought to out notice. It was submitted that at p. 28 the status in the order was stated as 'Individual' instead of 'HUF'. At pp. 21 and 22 the notices issued by the WTO were given and it was submitted that necessary portion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty appeal without deciding the quantum appeal. This only speaks of how the Revenue official passes the orders without observing judicial propriety. From the facts of the case as borne out by the submission of the ld. counsel appearing on behalf of the assessee (which are not repeated here for the sake of convenience), we are fully convinced that neither the WTO, Mr. Z. Z. Saiyad should have levied the penalty nor the AAC, Mr. P. R. Hajarnavis should have confirmed at same. It is not denied that all the relevant particulars, not only in respect of the value, but also in respect of the assets had been disclosed in the case of assessee under appeal but the same were disclosed also in the case of group assessees connected with appeal. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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