R.N.Pyne, J. - (1.) In this reference under Section 27(1) of the W.T. Act, 1957, we are concerned with the assessment years 1958-59, 1959-60, 1960-61, 1961-62, 1962-63 and 1963-64, respectively.
(2.) Relevant facts of this case as stated by the Income-tax Appellate Tribunal in the statement 6f case submitted to the court may briefly be stated.
(3.) The assessee was assessed to wealth-tax for the six assessment years mentioned above and the corresponding valuation dates were 31-12-57, 31-12-58, 31-12-59, 31-12-60, 31-12-61 and 31-12-1962. The assessee was originally assessed for the aforesaid assessment years, but subsequently, it was found out by the WTO from the relevant assessment records pertaining to income-tax, that a letter from the assessee dated 25th March, 1965, addressed to the ITO, 'E' Ward, District III(1), who was the assessing-ITO of the assessee, informed him (the ITO) that the assessee had made a disclosure of Rs, 2,28,000 under the Voluntary Disclosure Scheme under Section 68 of the Finance Act, 1965, and paid tax of Rs. 1,69,800 on 25th March, 1965. The said ITO was also informed that the balance amount of Rs. 1,28,140 was taken into the assessee's accounts. A copy Of the assessee's letter dated 15th March, 1965, addressed to the Commissioner of Income-tax was enclosed with the said letter dated 25th March, 1965. On the basis of that information the WTO issued notices under Section 17 of the W.T. Act, 1957, for the said six assessment years and in response to such notices the assessee filed returns of net wealth on 5th January, 1966, under protest. Before the WTO, the assessee contended that the asset by way of income disclosed under Section 68 of the Finance Act, 1965, was not taxable under the W.T. Act. That contention was, however, rejected by the WTO. The WTO also rejected the assessee's claim for a deduction of the income-tax paid under Section 68 as above. We are, however, not concerned with this aspect of the matter in the instant reference.;