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2018 (3) TMI 595 - AT - Wealth-taxPenalty invoking Explanation-3 to Section 18(1)(c) of WT act - unaccounted assets / income unearthed in search / survey action - Held that:- The return of wealth tax filed by the assessee got triggered only due to search / survey action carried out by the department wherein unaccounted assets / income was unearthed. The assessee never filed return of wealth for the impugned AY before the search / survey action despite having taxable wealth. Therefore, in our opinion, the said return was not voluntary but only the result of the search / survey action on the part of the revenue. Hence, the reliance of the revenue on Explanation-3 to Section 18(1)(c) and the cited order of the Pune Tribunal was quite appropriate, reasonable and justified. No contrary judgment has been placed on record by the assessee. Therefore, we find no reason to interfere with the orders of lower authorities in any manner. Resultantly, the assessee’s appeal stands dismissed.
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