9911796707
TMI Blog1993 (3) TMI 138X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee for all the above assessment years were completed on 7-10-1982, 25-4-1984, 24-4-1985 and 15-10-1985 respectively. Thereafter the assessee filed returns under the Amnesty Scheme announced by the CBDT and disclosed the values of gold ornaments and jewellery. Pursuant to this Amnesty returns the Assessing Officer (A.O.) after regularising the returns by issue of notices under section 17 of the Wealth-tax Act completed the assessments for all the years on 30-3-1990.There after the ITC formed an opinion that the value of the shares held by the assessee in various companies were not correctly valued by the Assessing Officer and he, therefore, issued a notice under section 25(2) of the Act for the aforesaid assessment years proposing to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esty Scheme announced by the CBDT and filed further returns declaring the value of gold ornaments and jewelley which were not declared at the original stage. It was further submitted by the assessee's counsel that under the Amnesty Scheme the assessees could file wealth-tax returns in respect of those assets which were not disclosed at the original stage and the Board had assured through its Circular No. 451, dated 17-2-1986, which is in the form of questions and answers, that while proceeding to make the assessment on the basis of the return filed under the Amnesty Scheme the Assessing Officer would make enquiries regarding the suppressed or under-valued assets and will not travel further to find out escapement of wealth on any other accou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the gold ornaments and jewellery since the value of those assets were accepted as per orders dated 30-3-1990. But insofar as the values of shares are concerned, the same were beyond the period prescribed under section 25(2) and, therefore, the action of the ITC in invoking the aid of the said provision and setting aside the assessments with further direction to the Assessing Officer was wholly illegal and unsustainable in law and, therefore, deserves to be quashed. To support this argument the assessee's counsel has relied on the decision of the Hon'ble Calcutta High Court in the case of CIT v. Shaw Wallace Co. Ltd. [1993] 199 ITR 105. The departmental representative, Sri B. Biswas, on the other hand opposed the submissions of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eted the taxpayer should approach the concerned Commissioner of Income-tax with the full disclosure of the amounts of income and/or wealth concealed in various years and should also file returns for the relevant years. He should also produce evidence of payment of taxes before 31-3- 1986. The filing of returns will be regularised by issue of formal notices under section 148 of the Income-tax Act/section 17 of the Wealth-tax Act. In cases where the assessments are pending, the taxpayer should file revised return before the Income-tax Officer along with the evidence of payment of taxes. Question No. 17---Whether while proceeding to make the assessment on the basis of the returns now filed, the Wealth-tax Officer would make enquiries regardi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 84, 24-4-1985 and 15-10-1985 for respective assessment years. Thus, in our view, the ITC ran out of time and his action under section 25(2) was beyond the limitation period prescribed therein. He, therefore, in our opinion, lost power andjurisdiction to step in under the said provision and in setting aside the assessments with further direction to Assessing Officer for revaluing the shares. Thus, our view also finds support from the decision of the Hon'ble Calcutta High Court in the case of Shaw Wallace Co. Ltd. We find that the case laws relied on by the ITC in the impugned order to justify his action under section 25(2) are distinguishable on facts and we, therefore, do not deem it fit to discuss those in detail. The impugned order date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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