DAYAWANTI Vs. COMMISSIONER OF WEALTH-TAX

JUDGEMENT

(1.) AS common questions of law and fact arise out of these references--W. T. References Nos. 9, 10, 11 to 13, 15, 16 and 17 of 1976-- under Section 27 (1) of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"), they are being disposed of by this judgment.

(2.) IN W. T. Reference No. 9 of 1976, the assessee is a partner in the firm, M/s. Jethanand Gobind Ram and Company, constituted vide, partnership deed dated May 11, 1963. The firm had the following three partners: 1. Smt. Dayawanti, W/o Shri Jethanand Manek Chand. 2. Smt. Nirmala Devi, W/o Shri Lekhraj Manek Chand.

(3.) SMT. Premila Devi, W/o Shri Mohan Lal Manek Chand. 3. For the assessment year 1969-70, relevant to the valuation date as at March 31, 1969, the assessed filed her return of net wealth on July 30, 1969, declaring her total wealth at Rs. 1,07,665. Vide his order dated January 20, 1972, the WTO completed the assessment on a total wealth of Rs. 1,37,910 for the year under consideration. A sum of Rs. ,25,682 was added to the declared wealth of the assessee in consequence of the settlement arrived at between the firm and the department. The application for settlement had been made on March 24, 1971. The WTO also initiated penalty proceedings under Section 18 (1) (c) of the Act and since the net wealth concealed by the assessee exceeded Rs. 25,000, he referred the case to the IAC of Wealth-tax under Section 18 (2) of the Act.