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2016 (7) TMI 464 - AT - Wealth-taxPenalty leviable on the mortgaged assets claimed by the assessee as exempt u/s.2(m) of the W.T. Act - denial of deduction u/s.2(m) of the Act on account of mortgaged assets - Held that:- Tribunal in batch appeal has already deleted such addition/disallowance on the ground that properties mortgaged to the bank cannot be held as assets belonging to the assessee u/s.2(m) of the Wealth Tax Act. Since the quantum addition has already been deleted, therefore, no penalty u/s.18(1)(c) of the Act is leviable on account of such amount.- Decided in favour of assessee. Penalty on account of addition being the difference between value of assets considered for loan purpose by the valuer of the bank and the value considered by the assessee as per Govt sub Registrar’s office for stamp duty purpose - Held that:- We find the assessee has disclosed all the particulars of the properties and has not concealed anything from the Department. We find merit in the submission of assessee that those assets were valued by the bank valuer at higher rate for obtaining loan purpose and that was merely an estimate. Since the assessee has declared the valuation of the assets as per Sub Registrar’s office for stamp duty purpose and since all the particulars are already furnished, therefore, we do not find any infirmity in the order of the CWT(A) deleting the penalty on account of the addition being the difference between the valuation report of the valuer of the bank and the valuation as per Sub-Registrar’s office for stamp duty purpose. In our opinion the reasons given by the CWT(A) while deleting the penalty is a reasoned one. We therefore do not find any infirmity in the same. Accordingly, the order of the CWT(A) is upheld and the grounds raised by the Revenue are dismissed. - Decided in favour of assessee.
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