WEALTH TAX OFFICER Vs. K K AGRAWAL

JUDGEMENT

(1.) THIS appeal has been admitted for considering the following substantial question of law

(2.) THE assessee filed a return under the Wealth Tax Act, valuing his income at Rs. 9,10,185/ - as the market value of his assets. The assessment was completed and an order was passed. However, before the order could be communicated to the assessee, the assessee filed a revised return on 6.4.1992 and pointed out that in accordance to the provisions of Rule 9 -A of Schedule III, of the Wealth Tax Act, the market value of the wealth comes to Rs. 6,35,516/ - and not Rs. 9,10,185/ - as shown by him. It was pointed out that in view of Section 15 of the Wealth Tax Act, as the revised return is filed in time, the same should be accepted and the amended return processed in accordance with law.

(3.) EVEN though the Assessing Officer and the Commissioner (Appeals) rejected the aforesaid, but at the instance of the assessee when the matter travelled to the Appellate Tribunal, the Tribunal took note of Section 15 of the Wealth Tax Act and the mandate of administrative Instruction No.647 issued on 11.4.1955, wherein it was indicated by the department that if due to ignorance of any statutory provisions and due to over -looking of any statutory provision a wrong assessment order or return is accepted, the same should be corrected. Taking note of all these provisions, the learned Appellate Tribunal allowed and appeal and the reasons for doing so reads as under: -