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2019 (1) TMI 810 - HC - Wealth-taxConcealment of wealth and the penalty imposed accordingly - valuation of property for wealth tax assessment - valuation report of the registered Valuer estimating the value of the property as on 1st April, 1981 rejected - Held that:- Assessee had declared the two immovable properties in the wealth tax return has also offered valuation of such properties. This was based on the valuation report of the registered Valuer estimating the value of the property as on 1st April, 1981. The Wealth Tax Officer did not accept this valuation which was partially sustained in appeal. The Commissioner adopted the standards of the sale of the property in the near vicinity at the same time. It was under such circumstances that the Tribunal did not think it fit to confirm the penalty. We are broadly in agreement in view of the Tribunal.
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