TMI Blog2014 (3) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... apital 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 ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5-2-2014 - Dr. Dhananjaya Yeshwant Chandrachud, CJ And Hon'ble Dilip Gupta,JJ. For the Appellant : Dhananjay Awasthi ORDER The appeal by the revenue is from a judgment of the Income Tax Appellate Tribunal dated 23 August 2013 by which the Tribunal decided several appeals under the Wealth Tax Act, 1957 for Assessment Years 1995 to 2002. The Commissioner of Income Tax had imp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t empowers the Assessing Officer to impose a penalty where he is satisfied that any person has concealed the particulars of any assets or furnished inaccurate particulars of any asset or debt. Explanation 4 to Section 18 stipulates that where the value of any asset returned by any person is less than 70% of the value of such asset as determined in an assessment under Section 16 or Section 17, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars of assets or the furnishing of wrong particulars. The view of the Tribunal is at least, a possible view, on which the interference of the Court would not be warranted. The judgment of the Tribunal falls within the principles which have been enunciated by the Supreme Court in Price Waterhouse Coopers (P.) Ltd. Vs. Commissioner of Income Tax, Kolkata-I1. No substantial question of law w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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