Law: Wealth Tax Act, 1957

Section: 27(1)

Law: Income Tax Act, 1961

Section: 256(1)

Wealth tax--- ---- Voluntary disclosure---Valuation of assets---Value of assets disclosed under voluntary disclosure scheme---Subsequent plea by assessee that valuation was too high---Not justified---Request for reconsideration of valuation ---Assessee would lose immunities granted under voluntary disclosure scheme---Indian Wealth Tax Act, 1957, S.7---Indian Voluntary Disclosure of Income and Wealth Ordinance, 1975. Under the Voluntary Disclosure Scheme, if a declaration is made in compliance with the requirements of this scheme, and an assessment order is passed accepting the declaration, the assessee will be entitled to immunity from imposition of penalty. If the assessee requires the Wealth Tax Officer in the course of the assessment proceedings to arrive at a lower value than what has been shown in the declaration the Wealth Tax Officer would be at liberty to complete the assessment in accordance with the provisions of the Act but the assessee will not be entitled to the benefit or immunity granted by the scheme Held, that the Tribunal fell in 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 disputed 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 warranted. JUDGMENT AJIT K. SENGUPTA, J.---This is a reference under section 27(1) of the Wealth Tax Act, 1957, and not under section 256(1) of the Income Tax Act. 1961, as stated by the Tribunal. The following question of law has beets referred for the assessment year 1973-74. "Whether, on the facts and in the circumstances of the case, particularly in view of the fact that the assessee, while making voluntary disclosure under the Voluntary Disclosure of Income and Wealth Ordinance, 1975, did 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…

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