WEALTH-TAX OFFICER v. VISHNU NARAIN TEELA & SONS
[Citation -1984-LL-0829-8]
| Citation | 1984-LL-0829-8 |
|---|---|
| Appellant Name | WEALTH-TAX OFFICER |
| Respondent Name | VISHNU NARAIN TEELA & SONS |
| Court | ITAT |
| Relevant Act | Wealth-tax |
| Date of Order | 29/08/1984 |
| Assessment Year | 1975-76 |
| Judgment | View Judgment |
| Keyword Tags | taxable limit • net wealth |
| Bot Summary: | The assessee HUF had filed WT return on 5th March 1976 declaring net wealth of Rs. 1,92,100 which was below exemption limit of Rs. 2 lakhs. Assessed the assessee's net wealth asst. Rs. 6,26,430 which was reduced in appeal by AAC who directed that multiple of 12 times of net yield be applied for valuing the immovable properties owned by the assessee -HUF and SOP portion be valued at Rs. 60,000. AAC accepted the assessee's contention that as per assessee's WT Return the wealth was of Rs. 1.92 lakhs which was below the taxable limit and the assessee had reasonable cause for not filing the WT return within time. At the hearing before us, it was pointed out by the counsel for the assessee that the aforesaid net wealth of Rs. 1,92,100 was based on the assessment order for asst. 1973-74 in which year WTO had accepted with minor addition the valuation declared by the assessee which was supported by a registered valuer's report according to which the properties were valued at Rs. 2,37,000 on agreed basis. Thus the value declared by the assessee at Rs. 1.92 lakhs was supported by the assessee past record and as the assessee's net wealth was below taxable limit AAC was justified in holding that the assessee had reasonable cause for delay in filing the WT return. |