TMI Blog2016 (7) TMI 464X X X X Extracts X X X X X X X X Extracts X X X X ..... e. Since the assessee has declared the valuation of the assets as per Sub Registrar’s office for stamp duty purpose and since all the particulars are already furnished, therefore, we do not find any infirmity in the order of the CWT(A) deleting the penalty on account of the addition being the difference between the valuation report of the valuer of the bank and the valuation as per Sub-Registrar’s office for stamp duty purpose. In our opinion the reasons given by the CWT(A) while deleting the penalty is a reasoned one. We therefore do not find any infirmity in the same. Accordingly, the order of the CWT(A) is upheld and the grounds raised by the Revenue are dismissed. - Decided in favour of assessee. - WTA Nos. 06 to 10/PN/2016 - - - Dated:- 30-6-2016 - Shri R. K. Panda, AM And Shri Vikas Awasthy, JM For the Appellant : Shri Suhas C. Kulkarni For the Respondent : Shri M.K. Kulkarni ORDER Per R. K. Panda, AM The above batch of appeals filed by the Revenue are directed against the separate orders dated 11-01-2016 of the CWT(A)-2, Nashik relating to Assessment Years 2005-06 to 2009- 10 respectively. Since identical grounds have been taken by the Revenue in al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e between the value of property as per the valuation report of UCO Bank and the valuation done by the assessee. Thus, the AO determined the net wealth at ₹ 3,69,51,003/-as against ₹ 17,99,500/- declared by the assessee in the Wealth Tax return filed. The AO similarly disallowed the claim of Wealth Tax liability from the net wealth. 5. The assessee preferred appeal before the CWT(A) who confirmed the order passed by the AO. Subsequently, the AO initiated penalty proceedings rejecting the various explanations given by the assessee. The AO levied penalty of ₹ 3,54,510/- being 100% of tax sought to be evaded. 6. In appeal the Ld.CIT(A) sustained the addition made by the AO on account of Wealth Tax payable as per the return filed in response to notice u/s.17. So far as the addition on account of mortgaged assets claimed as exempt u/s.2(m) of the Wealth Tax Act, he deleted the penalty on the same on the ground that the Tribunal has deleted such addition on the ground that assets mortgaged to bank cannot be included in net wealth of the assessee. 7. So far as the penalty levied on account of addition being the difference between the value of assets considered fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing grounds : 1. On the facts and in the circumstances of the case, the CWT(A) erred in reducing the penalty from ₹ 3,54,510/- to ₹ 5,995/- levied u/s.18(1)(c) of the Wealth Tax Act, 1957 by the AO. 2. On the facts and in the circumstances of the case, the CWT(A) ought to have confirmed the penalty levied on the issues, i.e. under valuation of property, that has been confirmed by the Hon ble ITAT. 3. The appellant craves leave to add, alter, modify, delete amend any of the grounds with prior permission of the Hon ble Pr. CWT, as per the circumstances of the case. 4. The appellant prays to file any of the additional evidence with prior permission of the Hon ble Pr. CWT, appropriate to the grounds taken in appeal. 9. The Ld. Departmental Representative heavily relied on the order of the order of the AO. He submitted that the CWT(A) was not justified in reducing the penalty from ₹ 3,54,510/- to ₹ 5,995/- especially when the addition on account of difference between the valuation as per the bank and evaluation declared by the assessee has been confirmed. 10. The Ld. Counsel for the assessee on the other hand while supporting t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... om the Department. We find merit in the submission of the Ld. Counsel for the assessee that those assets were valued by the bank valuer at higher rate for obtaining loan purpose and that was merely an estimate. Since the assessee has declared the valuation of the assets as per Sub Registrar s office for stamp duty purpose and since all the particulars are already furnished, therefore, we do not find any infirmity in the order of the CWT(A) deleting the penalty on account of the addition being the difference between the valuation report of the valuer of the bank and the valuation as per Sub-Registrar s office for stamp duty purpose. In our opinion the reasons given by the CWT(A) while deleting the penalty is a reasoned one. We therefore do not find any infirmity in the same. Accordingly, the order of the CWT(A) is upheld and the grounds raised by the Revenue are dismissed. 15. In the result, the appeal filed by the Revenue is dismissed. WTA No. 07/PN/2016 (A.Y. 2006-07) : 16. Grounds raised by the Revenue are as under : 1. On the facts and in the circumstances of the case, the CWT(A) erred in reducing the penalty from ₹ 3,56,002/- to ₹ 2,630/- levied u/s.18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e circumstances of the case, the CWT(A) ought to have confirmed the penalty levied on the issues, i.e. under valuation of property, that has been confirmed by the Hon ble ITAT. 3. The appellant craves leave to add, alter, modify, delete amend any of the grounds with prior permission of the Hon ble Pr. CWT, as per the circumstances of the case. 4. The appellant prays to file any of the additional evidence with prior permission of the Hon ble Pr. CWT, appropriate to the grounds taken in appeal. 21. After hearing both the sides, we find the grounds raised by the Revenue in the above appeal are identical to the grounds raised in WTA No.06/PN/2016. We have already decided the issue and the appeal filed by the Revenue has been dismissed. Following the same reasoning, the appeal filed by the Revenue is dismissed. WTA No. 10/PN/2016 (A.Y. 2009-10) : 22. Grounds raised by the Revenue are as under : 1. On the facts and in the circumstances of the case, the CWT(A) erred in reducing the penalty from ₹ 5,54,748/- to ₹ 3,430/- levied u/s.18(1)(c) of the Wealth Tax Act, 1957 by the A.O. 2. On the facts and in the circumstances of the case, the CWT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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