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2015 (12) TMI 1321 - HC - Wealth-taxValuation - Inclusion of value of assets - Levy of penalty - Held that:- Difference in the valuation of the property as declared by the assessee and as assessed by the Assessing Officer did not tantamount to furnishing of inaccurate particulars of the asset as it is well settled that valuation is a matter of estimation and estimation by registered valuer of the assessee and estimation by the District Valuation Officer being at variance did not attract the levy of penalty under section 18(1)(c) of the Act. Thus, the penalty was deleted in respect of the assessment years 1984- 85 and 1986-87. With regard to the assessment years 1987-88 and 1988-89, it was recorded that since the assessee had incurred losses in the assessment year 1987-88, its case fell within the purview of reasonable cause as it was under bonafide belief that no wealth tax was payable under the said years when it had incurred losses. Thus, the penalty in respect of these assessment years was also deleted. - no substantial question of law arises - Decided against Revenue.
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