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2005 (3) TMI 31 - HC - Wealth-tax"Whether Tribunal was justified in holding that the assessee was liable to penalty u/s 18(1)(c) r.w. Explanation 4 to section 18(1)(c) of the Wealth-tax Act, 1957, despite the Press Note dated May 27, 1968, issued by the Ministry of Finance and Circular No. 8-WT dated November 15, 1968, issued by the CBDT?" - It is well settled by a catena of decisions of the apex court that the circular issued by CBDT u.s. 13 of the Act, as it stood during the relevant period, is binding upon the authorities. Thus, ithe penalty could not have been imposed as the value of the asset declared by the applicant was as per the report of the approved valuer. Moreover, the valuation of the property as disclosed by the applicant was based on the report of the approved valuer duly approved by the Department. There is bound to be a difference in the valuation report given by different Valuation Officers whether they are approved valuers or Departmental Valuers. Moreover, the value can differ on account of different methods of valuation being adopted. In the present case, the difference arose because of different methods of valuation adopted by the approved valuer and by the Departmental valuer. Thus, no case of concealment even otherwise is established. Question is answered in the negative, i.e., in favour of the assessee and against the Revenue
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