INDRAJIT BANERJEE Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THE appeal is directed against a judgment and order dt. 18th June, 2003 passed by the Tribunal upholding the conclusions arrived at by the CIT(A). The CIT(A) by his order dt. 28th Dec., 2001 upheld the order imposing penalty under s. 18(1)(c) of the WT Act. The amount of penalty was, however, reduced by him. The appeal against the order of the Tribunal was admitted by this Court by an order dt. 15th Dec., 2003 and the following questions were formulated:

(2.) THE ITO arrived at a conclusion that the assessee had furnished inaccurate particulars while filing the WT return for the asst. yrs. 1989 -90 and 1990 -91 for the following reasons:

(3.) MR . Murarka, learned advocate appearing in support of the appeal, submitted that there can be no question of any concealment when the valuation disclosed by the assessee was based on the views of a registered valuer. He added, that the finding that the valuer had valued the property at Rs. 6,07,000, but the assessee, in fact, returned a sum of Rs. 6,00,000, was a mistake on the part of the ITO because it would appear from the first assessment order dt. 30th March, 1992 that the assessee had really valued the property at Rs. 6,07,000.