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TMI Blog1979 (4) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment years 1964-65 to 1970-71. 2. We heard the learned counsel for the assessee and the learned departmental representative. 3. The IAC, to whom the matter was referred, had levied penalties for the above assessment years under s. 18(1)(c) of the WT Act on the ground that the following specific items and assets were not disclosed by the assessee in the returns of wealth filed by him. (a) Jewe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the jewellery belonged to his wife as "Stridhana". He had also attached a list of such jewellery. It is the assessee's plea that due to the bonafides belief that such "Stridhana" of the wife is not includible in his assessments, he was not included the value of such jewellery in these assessment. As regards the shares in star Paper Mills Ltd., the plea of the assessee is that due to bonafide inadv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 096 76,500 1970-71 1366 70,000 From the above, it is very clear that the assessee would have no mens rea to omit the above items in the returns for which the wealth-tax was trivial compared to the oppressive penalties levied. On a careful consideration of the entirely of all the facts and consideration of the entirely of all the facts and circumstances of the case, we are satisfied that the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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