TMI Blog2016 (9) TMI 1536X X X X Extracts X X X X X X X X Extracts X X X X ..... see. In this case, the assessee has furnished complete particulars and based on that the assessment was completed. Since, the assessee was under bonafide belief that the house properties, which was stated to have been let out, are not come under the definition of asset as per provisions of section 2(ea)(1) of the WT Act. In the appellate order, the ld. CIT(A) has not given any finding with regard to concealment of particulars that have been detected by the Department to levy penalty against the assessee. Under the above facts and circumstances and in the absence of any material concealed by the assessee, in our considered opinion, levy of penalty is not legally sustainable. Thus, the penalty levied under section 16(1)(c) of the WT Act is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the short delay in filing the appeals may be condoned and admitted the appeals for hearing. On the other hand, the ld. DR did not seriously object to the above plea of the ld. AR of the assessee. Since there is sufficient cause for delay in filing the appeals before the Tribunal, we condone the delay of seven days in filing both the appeals and admit the same for hearing. 3. Brief facts of the case are that the assessments were completed under section 16(3) r.w.s. 17 on 05.03.2004 on a total wealth of ₹.5073862/- for the assessment year 1997-98 and ₹.16258520/- for the assessment year 1998-99. In the assessment, the value of three properties owned by the assessee are situated at 116, Kasi Arcade, 62, 63, Ramasami R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration do not come within the exemption provided under section 2(ea) as discussed above. The ld. CIT(A) accordingly held that the properties which are under consideration and are let out during the previous year relevant to assessment years 1997-98 and 1998-99 clearly come within the scope of definition of assets under section 2(ea) of the WT Act and are liable to wealth tax and confirmed the order of the Assessing Officer. On being aggrieved, the assessee carried the matter in appeal for both the assessment years before the Tribunal. By hold that the conclusion as drawn by the CWT(A) is legally and factually correct and the properties under reference come within the definition of assets as envisaged under section 2(ea)(i) of Wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entions. Since there is no ambiguity, so far as chargeability of wealth-tax on assessee's properties are concerned. In the instant case, there cannot be any difference of opinion or difference of interpretation. The assessee could have got away without paying any wealth-tax unless it was sanitized. Therefore, the Assessing Officer has levied penalty under section 18(1)(c) of WT Act for both the assessment years. 4. Against levy of penalty, the assessee carried the matter in appeal before the ld. CIT(A) for both the assessment years. Relying upon the decision in the case of Maynak Poddar (HUF) v. WTO 262 ITR 633 (Cal), the AR of the assessee has submitted that it was under the bonafide belief with regard to house properties, st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve heard both sides, perused the materials available on record and gone through the orders of authorities below. We have also perused the income tax assessment orders and wealth tax assessment orders filed by the assessee in the form of paper book and found that based on the details and statements filed by the assessee, both the assessments have been completed. It is not the case of Department that there was a search or survey either under Income Tax Act and Wealth Tax Act and seized any incriminating materials based on which, the assessments were completed and penalty proceedings were initiated. It is a fact that in view the amendment to the statute w.e.f. 01.04.1997, commercial building also included in the definition of asset and accordi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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