GOBINDLAL BANGUR Vs. WEALTH TAX OFFICER

JUDGEMENT

(1.) Gobindlal Bangur has moved this application as the karta of a HUF known and styled as Narain Das Govindlal Bangur, alleging, inter alia, as follows : On the 29th September, 1969, the petitioner, as such karta, filed a return of wealth-tax for the assessment year 1969-70, the relevant valuation date whereof being 31st March, 1969. A net wealth of Rs. 7,21,248 was disclosed in the return, consisted, inter alia, of shares in joint stock companies both quoted and unquoted and in the return the value of the quoted shares was shown as quoted in the official market quotation list of a recognized stock exchange on the said valuation date. A revised return was filed on the 17th April, 1970, showing revaluation of immovable properties of the said family and claiming exemption in respect of jewellery under Section 5(i)(viii) of the W.T. Act. The WTO completed the assessment under Section 16(c) of the W.T. Act on the 25th March, 1971, after due consideration of the returns filed by the petitioner and after examination of all materials disclosed. The net wealth of the said family for the said assessment year was computed at Rs. 23,65,309.

(2.) On an appeal to the AAC of Wealth-tax, Range-I, Calcutta, the petitioner obtained some relief and the wealth of the family was recomputed at Rs. 20,67,396.

(3.) On the 3rd April, 1974, the petitioner received a notice dated the 26th March, 1974, issued by the WTO, ' P ' Ward, District I(I), Calcutta, under Section 17 of the W.T. Act, 1957, stating, inter alia, that he had reason to believe that the net wealth of the said family chargeable to tax for the assessment year 1969-70 had escaped assessment within the meaning of Section 17 of the said Act and that he proposed to reassess the same. The petitioner was accordingly directed to file a fresh return for the said assessment year.