9911796707
TMI Blog1983 (11) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are identical and the grounds of appeal are also common. The ld. counsels of both the sides, therefore, have addressed us in one set. Accordingly for the sake of convenience, the appeals are consolidated for disposal by this common order. 3. From the consolidated order of the CWT dt. 4th March, 1982, it is seen that the assessment for the asst. yr. 1975-76 was completed on 6th March, 1980 and for the asst. yr. 1976-77 the same was completed on 16th Jan. 1981. In both the assessment orders, the value of the immovable property shown as Jaipur land in the return was accepted at Rs. 45,000. The CWT noted that subsequently the assessee filed an application for a clearance certificate under s. 230A of the IT Act. on 16th April, 198 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the decision of the Hon'ble Calcutta High Court in the case of Ganga Properties vs. ITO. 5. The CWT considered the various aspects of the matter and found no merits in the objections of the assessee. According to him, the facts for the present case are distinguishable and therefore, the decision in the case. The CWT has noted that the WTO has simply accepted the value of the land as shown in the returns for the above two years without proper enquiry. He noticed that the assessee has merely shown the land in question as "Jaipur Zamin" in the relevant section of the wealth-tax returns for the above years. He also observed that there was no trace of any enquiry having been made by the WTO and in fact, no details, like the area of the land, s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... computing the said assessments failed to take correct value of the land at Jaipur, inasmuch as you had shown in your return for the asst. yr. 1981-82 the value of the land at Rs. 3,63,000 and also in your application for clearance certificate under s. 230A filed on 16th April, 1981 at Rs. 3,69,600. Those assessments were erroneously completed and were prejudicial to the interest of the Revenue." It is vehemently urged that on the facts of the case, the decision in the case of Ganga Properties would squarely cover the present dispute. It is also vehemently urged on this ground alone that the CWT had no jurisdiction to initiate proceedings under s. 25(2) of the WT Act and, therefore, his order impugned before us requires to the quashed. Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earance certificate filed on 16th April, 1981, the value of the same land was shown at Rs. 3,69,000. On this basis, the CWT noted that the assessments for both the years were erroneously completed by the WTO and were prejudicial to the interest of the Revenue. In other words, the CWT on the above premises and basis, initiated action under s. 25(2) and proceeded to give the assessee an opportunity to show cause why necessary order should not be passed under the circumstances. In our opinion, from the brief narration of the facts of the case, the ratio of the decision the case of Ganga Properties would apply. Inter alia, it was held in the case of Ganga Properties that the materials which were not in existence at the time when the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X
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