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2005 (5) TMI 62 - HC - Wealth-taxFailure on the part of the assessee to disclose material facts - "Whether, Tribunal was in error in concluding that there was no failure on the part of the assessee to disclose material facts and in holding that proceedings taken under section 17(1)(a) of the Wealth-tax Act were not valid?" - the duty of the assessee is only to disclose full particulars of material facts necessary for his assessment for the relevant year. The expression "material facts" in section 34(1)(a) of the Indian Income-tax Act, 1922 refers to only primary facts and the duty of the assessee is only to disclose such primary facts. There is no duty cast on the assessee to indicate or draw the attention of the Income-tax Officer to what factually or legally or other inferences can be drawn from the primary facts - it is held that there was no failure on the part of the assessee in disclosing the primary facts and, therefore, the initiation of proceeding under section 17(1)(a) was not justified.
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