TMI Blog1989 (1) TMI 81X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Tribunal that the assessee had not deliberately furnished any inaccurate particulars of wealth is based on relevant materials and is a reasonable view to be taken on the facts of the case ?" The assessee is an individual and in relation to the valuation date March 31, 1973, relevant for the assessment year 1973-74, she filed return on June 22, 1973, admitting a net wealth of Rs. 97,345. This included two items of immovable property, viz., a house bearing door No. 3, Bharathi Nagar First Street, T. Nagar, Madras, valued at Rs. 40,000 and door No. 22, Anderson Street, Madras, valued at Rs. 1,00,000. We are not concerned in this reference with the latter item of immovable property. On October 6, 1973, the assessee entered into an agre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s no concealment and the penalty proceedings should be dropped. The Inspecting Assistant Commissioner was of the view that the provisions of section 18(1)(c) of the Act stood attracted as the assessee had not admitted the correct market value of the property on March 31, 1973, and that the valuation report of 1968 could not be relied upon as there had been a steep rise in the value of properties in that area and the rental yield would not be relevant. Considering the entering into of the agreement for sale of the property by the assessee in October, 1973, and the value set out therein and the receipt of an advance of Rs. 20,001 by the assessee and the omission by the assessee to mention that value in the revised return, the Inspecting Assis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r in Three New Taxes, Sixth Edition, Volume 1, at page 749. We have carefully considered the rival submissions. We are of the view that it is unnecessary, on the facts and circumstances of this case, to consider and decide the question whether inaccuracy in the value declared would amount to concealment of particulars or furnishing of inaccurate particulars of an asset. It is seen that the property in question was a single storeyed house in an area of 4,574 sq. ft. and had been purchased by the assessee from the Bharathi Nagar Co-operative House Construction Society for a sum of Rs. 22,365 under a document dated June 10, 1971. The property was valued in 1968 at Rs. 38,000 and that really formed the basis of the value as returned by the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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