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TMI Blog1976 (6) TMI 41X X X X Extracts X X X X X X X X Extracts X X X X ..... ears had been imposed in the same set of circumstances, the two appeals are being disposed of, for convenience, by a common order. 2. The assessee is an individual, assessed to Wealth-tax, she maintains accounts and follows the financial year. The valuation dates relevant to her assessment for the asst. yrs. 1971-72 and 1972-73 were respectively 31st march, 1971 and 31st march, 1972. 3. Two sets of wealth-tax returns were filed by the assessee for these two years. The net wealth shown there in and that on which she was assessed are shown below :-- Asst. yr. Net wealth (in Rs. (lakhs): . . In original return: In revised return: As assessed. 1971-72 1.40 1.93 2.27 1972-73 0.52 1.19 1.46 The Wealth-tax assessments for both t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greement. On8th Jan., 1970the assessee entered into an agreement with "AE", whereby she would allow them to display a hoarding or illuminating sign in the area for which she had obtained the licence from "Phelps". This agreement was to remain in force for a period of five years commencing from8th Jan., 1970. The licence fee was an annual sum of Rs. 7,200 but the entire licence fee payable for the period of five years, amounting to Rs. 36,000 was paid by "AE" to the assessee on8th Jan., 1970itself. The amount received by her was not refundable to the "AE". Clause 9 of the agreement dt.8th Jan., 1970made the following provisions in this respect : "That even if the licensee does not for any reason display any hoarding on the said building for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . yrs. 1970-71, 1973-74 and 1974-75 were made accepting the amounts credited to the account of "AE" as liabilities. These assessments were made on5th Dec., 1970,14th Dec., 1973and30th July, 1975respectively. The WTO, who made the assessments for the asst. yrs. 1971-72 and 1972-72 on 22nd Dec., 1972, however, held that the assessee had incorrectly claimed the amounts standing to the credit of "AE", at Rs. 27,000 as on 31st March, 1971 and at Rs. 19,800 as on 31st march, 1972, as liabilities. He observed that the amounts were not refundable to "AE" and, hence, these should have formed part of the assets of the assessee on the relevant valuation dates. By an order dt.16th Jan., 1976in WTA Nos. 337 and 338/1974-75 the Tribunal, Delhi Bench "C" ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for the next year. The IAC's order was dt. 31st march, 1975 while the WTO's was dt.29th March, 1975. The assessee came in appeal to the AAC against the WTO's order in question but her appeal was dismissed, with the observation that the advance rent received from "AE" was the property of the assessee and there was no outstanding liability in this regard. He was of the view that the assessee had deliberately and wilfully attempted to represent the matter in a different manner and that this tantamounts to furnishing of inaccurate particulars of wealth or concealment of particulars of wealth. 7. In the appeal before us, one from the penalty order passed by the IAC and the other from the AAC's order confirming the imposition of penalty of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epresentative argued, on the other hand, that nobody knew better than the assessee herself that she had received the entire amount of Rs. 36,000 on 8th Jan., 1970 and, therefore, the amount was includable in her assets to be declared for her wealth-tax assessment. He contended that the assessee had deliberately shown a party of the receipts as liability. In this connection, he relied on the observations of the AAC in respect of the penalty imposed for the asst. yr. 1972-73. As regards the alleged inadequacy of opportunity for the asst. yr. 1971-72, the learned Departmental Representative pointed out that an identical matter was being pursued by the WTO simultaneously for the asst. yr. 1971-72, that the penalty had been imposed by the WTO un ..... X X X X Extracts X X X X X X X X Extracts X X X X
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