Law: Wealth Tax Act, 1957

Section: 27(3),18(1)(c),4(1),27(1)(c)

Wealth tax--- ---- Concealment of wealth---Penalty---Assets belonged to the wife of assessee who had died---Wealth Tax Officer while computing the net wealth of assessee included his deceased wife's assets into the assessee's wealth and initiated penalty proceedings on ground of concealment of assets by the assessee---Assessee had declared his wife's bank account in the revised statement of wealth and Tribunal bad found that said bank account stood gifted by the wife to the assessee and cancelled the penalty imposed on the assessee---Fact that jewellery of the deceased wife of the assessee had gone to his married daughter was also supported by the evidence on record---Cancellation of penalty thus, did not entail any question of law arising out of appellate order and Tribunal had rightly stated that it had essentially recorded a finding of fact. JUDGMENT S.K. JHA, C.J.---This is an application under Section 27(3) of the Wealth Tax Act, 1957. The Commissioner of Wealth-tax seeks a . reference on the statement of the case to be filed on the question as to:-- "Whether, on the facts and in the circumstances of the case, the Appellate. Tribunal was justified in law in coming to the conclusion that no penalty under Section 18(1) (c) of the Wealth Tax Act is imposable on the assessee for the assessment years 1966. 67 and 1973-74?" In the course of the wealth-tax assessment proceedings for the assessment years 1966-67 and 1973-74 in the case of the assessee, Sardar Rajendrasingh, a leading Advocate of Jabalpur, the Wealth Tax Officer found that the assessee had not included the following assets in his net wealth: Credit balance in wife's name in Allahabad 1966-67 Bank Rs. 6,976 Jewellery Rs. 8.000 Rs. 14, 976 With regard to the year 1973-74, the corresponding amounts were Rs.9,963 and Rs.10,000, the total being Rs.19,963. The Wealth Tax Officer included the amounts in computing the net wealth of the assessee for the two assessment years. He also initiated penalty proceedings under section 18(1)(c) of the Wealth Tax Act for concealment of particulars of assets or for furnishing inaccurate particulars of such assets. The Assessing Officer, while computing the assessment…

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