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2014 (3) TMI 410 - HC - Wealth-taxDeletion of penalty U/s. 18(1)(c) of the W.T. Act - Voluntary filing of particulars - Validity of tribunal's order - Held that:- The Tribunal has furnished reasons for deletion of the penalty. The Tribunal has noted that the assessee had adopted the cost index prescribed for computation of capital gains whereas the Assessing Authority had adopted the circle rate fixed by the registering authority for stamp duty purposes, in determining the valuation. When the matter travelled to the CIT(A), the valuation of the AO was reduced and the Tribunal further reduced the valuation as confirmed by the CIT(A). In the present case, the Tribunal noted that the assessee had valued his assets in accordance with cost index prescribed by the Rules for computation of capital gains and no fault could be found with that. Though the assessee had not filed the wealth tax return suo moto, he had in fact filed a statement of chargeable wealth along with the income tax return disclosing the assets. In this background, the Tribunal held that the conduct of the assessee was bona fide and just because there was a difference in opinion in the method of valuation and a subsequent variation in valuation, that would not tantamount to furnishing of inaccurate particulars of wealth. The levy of penalty on this ground under Section 18(1)(c) was held to be not warranted - No substantial question of law would arise - Decided against Revenue.
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