COMMISSIONER OF WEALTH TAX Vs. ASHA DIGVIJAYA SINGH

JUDGEMENT

(1.) THESE are seven references under Section 27(3) of the Wealth-tax Act, 1957 (hereinafter referred to as the "Act"), at the instance of the applicant/Revenue arising out of the order of the Tribunal for the assessment years 1979-80, 1980-81, 1981-82, 1982-85, 1983-84, 1984-85 and 1985-86, against the same assessee/non-applicant. They involve common question of fact and law, therefore, they are disposed of by this common order.

(2.) FOR convenient disposal of all the aforesaid seven references the facts given in M. C. C. No. 73 of 1991 are taken up for consideration.

(3.) WE have heard learned counsel for the parties and perused the record. According to Section 17 of the Act, what is required of the assessee is to state the material facts truly and correctly. It is correct that the assessee has disclosed the quantum of the gold but the rate which has been given by the assessee of Rs. 520 per 10 gms., which was prevalent during 1975-76, has been continued to be repeated for all the aforesaid years. The assessing authority should have properly valued the rate of gold, but it appears that the assessing authority seems to have been misled by the rate given by the assessee. Secondly, it does not appeal to reason that the rate of gold alleged by the assessee as Rs. 520 per 10 gms. during the year 1975-76, continued to remain the same up to 1986-87. Therefore, it cannot be said that the assessment made by the Assessing Officer was correct. According to Section 17 of the Act, there is a duty cast on the assessee also to disclose the material facts truly. In this connection, a reference may be made to a decision of the Supreme Court in the case of Indo-Aden Salt Mfg. and Trading Co. P. Ltd. v. CIT, 1986 159 ITR 624 and their Lordships observed (headnote) :