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TMI Blog1981 (7) TMI 126X X X X Extracts X X X X X X X X Extracts X X X X ..... the firm in which he is a partner, and the value of silver utensils. The additions sustained in the assessments were as follows: * increase in the value of . Surana House SOP Rs.39,435 * in the firm M/s. Hazarimal . Milapchand relating to properties . 'Green House and 'Blue Sky' Rs. 52,887 (iii) Valkue of silver utensils omitted Rs. 4,000 The corresponding additions in the case of Narendra Kumar Soorana were: (i) Surana House Rs. 4,750 (ii) Share in partnership firm Rs. 80,700 (iii) Silver Utensils Rs. 4,000 The additions made in the case of Nirmal Kumar are as follows: (i) Share in partnership firm Rs.52,887 . Rs.89,450 2. The WTO held that the assessees had concealed their wealth. The reasons are narrated brief ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to1968-69. Similarly, according to the WTO, the assessees failed to include their shares of the unrecorded expenditure relating to additions made to the property, 'Green House'. The value of this property was Rs. 84,747. The firm had accepted that additions to the extent of Rs. 72,000 were made to the above house and this expenditure was not recorded in the books of the firm. In the settlement, the above amount was offered for taxation. The value of the property amounted to Rs. 1,56,747 while the assessee valued it at Rs. 1,27,991 thus understanding its value. Regarding the property 'Blue Sky' House the difference in value was not because of any omission on the part of the assessee to declare unrecorded expenditure or additions as it happen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat (i) the assessee declared his interest in the firm's property. There was no omission on this account. It cannot be said that the assessee failed to furnish any particulars regarding his interest in the firm, (ii) that the tax effect in respect of self-occupied property came to only to Rs. 4,750 after giving effect to the AAC's order in the quantum assessment. The difference in valuation. (iii) In the assessment for 1974-75, the WTO had considered the value of silver utensils with the narration "silver utensils as per last year Rs.4000 ". This possession of silver utensils by the assessee was in the knowledge of the department. The assessee had inadvertantly left out these items in the wealth-tax return. On these grounds he held that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operties relating to asst. yrs. 1966-67, 1967-68 and 1968-69. These investments were not recorded in the books, but offered for assessment later on by virtue of settlement on 24th March, 1975. The property was valued from an approved valuer on 26th Nov, 1968 for Rs. 2,02,448. The HUF was partitioned on 27th April, 1971 and the value recorded for purpose of partition was Rs. 2,55,000. Thus the property was not purchased for Rs. 2,55,000 as originally estimated by the WTO. When the property was valued in Nov., 1968 obviously the additions and modifications made to the property in the earlier years had also been taken into account. There were thus no omission on the part of the assessee and no under statement. The value of Rs. 2,55,00 fixed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken care of. There were thus no concealment. Hence, whatever difference in the valuation notice in the WT assessments was due to the departmental valuer adopting his own standard of valuations, but certainly it cannot be stated that the assessee suppressed any material particulars regarding the properties. So far as the 'Blue Sky' was concerned, the property was purchased for Rs. 87,455 on 30th April, 1969 by Nirmalkumar Soorana. This property was valued at Rs. 1 lakh when it was brought into the firm as capital contribution of Shri Nirmalkumar. Here also there was no suppression of any material particulars and the departmental valuer adopted his own valuation. Regarding silver utensils, he relied on the order of the CWT (Appeals). 8. We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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