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Documents citing Wealth Tax Officer vs Shaileshchandra D. Shah & Ors. Wto V. ... on 15 March, 1995

Shri Ravinder Aggarwal , Jammu vs Assistant Commissioner Of Wealth ... on 20 September, 2019

6. The facts noted by the authorities below as well as by the Ld Members of the Tribunal are not in dispute that a search and seizure operation u/s 132 of the I. T. Act was conducted on the residential premises of the assessee at Jammu on 4th September, 2013 and assessment proceedings were completed u/s 143(3) of the I. T. Act. Later on, during the perusal of the assessment record, it was found that assessee was having Rs.41,41,259/- as cash in hand as on 31st March, 2013, i.e., on valuation date relevant to assessment year 2014-15 under appeal which is taxable asset as per the Wealth Tax Act. Since assessee had not then filed the return of wealth for assessment year 2014-15 under appeal, notice u/s. 17(1) of the Wealth 6 WTA Nos. 01 to 03/Asr/2018 (AY 2014-15) Ram Aggarwal & Ors v. Asst. CWT Tax Act for wealth escaping assessment was issued on 30th March, 2016, after recording the reasons and directed the assessee to file return of wealth within 15 days. In response to the show notice, the assessee filed the return of wealth on 25th April, 2016 declaring net wealth amounting to Rs.47,36,496/- consisting of cash in hand of Rs.41,91,258/- and jewellery of Rs.5,45,238/-. The Assessing Officer, thereafter have issued questionaire and after considering explanations of assessee computed the net taxable wealth at Rs.47,36,496/-, i.e., the returned wealth. The Assessing Officer initiated penalty proceedings u/s 18(1)(c) of the Wealth Tax Act for concealment of wealth as the return is filed only after the issue of notice for reassessment u/s 17(1) of the Wealth Tax Act. The Assessing Officer in the penalty order noted that asssessee has admitted having taxable wealth of Rs.47,36,496/- for assessment year under appeal. However, no return of net wealth was filed by the asessee either by the due date even up to the last date, for which, a return of wealth for assessment year under appeal could have been filed, i.e., up to 31st March, 2016. The return of wealth was filed only on 25th April, 2016, i.e., after issue of notice u/s 17(1) of the Wealth Tax Act. Thus no voluntary returns have been filed by the assessees. The assessee has preferred not to file his return of net wealth for assessment year under appeal within the stipulated time available to him u/s 14 and 15 of the Wealth Tax Act, though he was having wealth above the taxable limit.
Income Tax Appellate Tribunal - Amritsar Cites 16 - Cited by 0 - Full Document
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