9911796707
TMI Blog1990 (2) TMI 94X X X X Extracts X X X X X X X X Extracts X X X X ..... jewellery and property and there was no concealment of any item of wealth. 3. The assessee filed returns of wealth for the asst. yr. 1979-80 declaring a net wealth of Rs. 2,41,200 which included jewellery estimated at Rs. 66,800, for the asst. yr. 1980-81 declaring net wealth of Rs. 2,53,200 which included jewellery estimated at Rs. 80,000 and for asst. yr. 1981-82 declaring net wealth of Rs.3,09,070 which included jewellery estimated at Rs. 1,00,000. The net wealth of the assessee was assessed for the asst. yr. 1979-80 by the WTO at Rs.4,86,720 which was reduced by the AAC on appeal finally assessed at Rs. 4,21,745 for the asst. yr. 1980-81 by the WTO at Rs. 6,68,172 which was reduced by the AAC on appeal and finally assessed at Rs. 5,6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the valuation of jewellery made by her was also based on bona fide and honest belief. He submitted that the assessee was over 65 years old and on the advice of her husband and Accountant, she filed her wealth-tax returns and, therefore, there was no occasion to levy any penalty. In this connection, our attention was invited to the decision of Tribunal in the case of XYZ vs. Third WTI (1982) 2 ITD 566 (Bom). Our attention was also invited to the provisions of s. 18(1)(c) and it was pointed out that the penalty under his section is attracted only when there is concealment of particulars of any assets or when inaccurate particulars of any assets or debts are furnished. He submitted that since the assessee in this case furnished all details of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Department to seek expert opinion about the value of any asset or make its own estimate if in its opinion the estimated value returned by the assessee is not correct. There is difference between furnishing inaccurate particulars of assets and furnishing inaccurate valuation of any asset. In this case, it cannot be said that the assessee furnished inaccurate particulars of any asset, as there is no concealment or submission of inaccurate particulars of any asset. In our view, therefore, provisions of s. 18(1)(c) are to attracted to the facts and circumstances of the present case, as there is no concealment or submission of inaccurate particulars of any asset by the assessee, and thus no penalty is liveable. We, therefore, set aside the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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