ABDUL QADAR ADAM Vs. WEALTH TAX OFFICER

JUDGEMENT

(1.) THESE petitions, under article 226 of the Constitution, are filed by two brothers challenging the assessments made under the Wealth-tax Act, 1957 (the "Act" for short), for the assessment year 1972-73. The facts and contentions being common, they are heard and disposed of by this order.

(2.) IN the wealth-tax statements relevant to the assessment year 1971-72, the petitioners had stated the value of property at No. 12, Miller Road, Bangalore, at Rs. 1,80,000 and the half share of each brother at Rs. 90,000.

(3.) HOWEVER, taking advantage of the Voluntary Disclosure Scheme, 1975, the petitioners disclosed Rs. 6,50,000 as the total consideration received and offered to be assessed to capital gains on that value. The assessments were accordingly reopened and completed on the basis of the disclosure made.