TMI Blog1991 (2) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... not furnish details of jewellery, the Tribunal was right in holding that the assessee was entitled to claim that the value of the jewellery should not be taken as per value given in the voluntary disclosure but should be determined on the basis of the valuer's report furnished at the time of assessment showing details of jewellery at a lower value, observing that there does not appear to be any dispute about the details and the nature of the jewellery articles ?" Shortly stated the facts are that the assessee filed returns for the assessment years 1973-74 and 1974-75 under the Voluntary Disclosure of Income and Wealth Ordinance, 1975, on December 26, 1975. The assessee subsequently during the assessment proceedings submitted the value of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal was of the view that although the information contained in the declaration was to be passed on to the Wealth-tax Officer, none the less the assessment was to be made under the provisions of the Wealth-tax Act. It also observed that if the assessee could show that the value represented by a particular asset was really not the value but it was lower, the assessee can plead for adoption of the lower valuation provided that there was no dispute about the particular item of jewellery to be valued. Thereupon the Tribunal gave a finding that there did not appear to be any dispute about the nature of the articles and the details of the jewellery were also available on record, and the report of the valuer dated April 30, 1972, also made refe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on; pays the tax and thereafter in course of the assessment proceedings asks the Wealth-tax Officer to reduce the valuation as shown in the declaration, and if the valuation is reduced than what has been shown in the declaration the assessee would be entitled to refund. This is not the intent and purport of the Scheme. On the contrary, it will be open to the Wealth-tax Officer to take into account the information contained in the declaration for the purpose of the proceeding relating to assessment or reassessment of the net wealth of the declarant. The Wealth-tax Officer may obtain a report of the Valuation Officer in respect of the properties and assets and determine their value at a higher figure than disclosed in the declaration. If the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r figure. In our view, having regard to the facts and circumstances of this case, the Tribunal fell into an error in directing the Wealth-tax Officer to determine the value of the jewellery afresh on the basis of the evidence adduced by the assessee being the report of the valuer. If the assessee disputes the correctness of his declaration, the Wealth-tax Officer would be at liberty to complete the assessment in the normal course, and in such an event the Wealth-tax Officer would also be at liberty to initiate proceedings or launch prosecution if the facts so warrant. Mr. Roy Chowdhury, however, realising his difficulty, has fairly conceded that the assessee is bound by her declaration and even if revaluation is made, in terms of the di ..... X X X X Extracts X X X X X X X X Extracts X X X X
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