In the return of wealth filed on 31st Aug., 1992, the appellant-assessee declared total wealth of Rs. 16,67,926. It consisted,inter alia, capital of Rs. 10,47,926 and deemed income declared voluntarily of Rs. 6,20,000. The deemed income showed in the return filed represents unaccounted income declared on account of seizure of unaccounted bills of exchange at the time of search. The assessee was asked to explain why unaccounted income actually determined on account of unaccounted bills of exchange after giving effect to Tribunal’s order for asst. yr. 1992-93 in IT proceedings at Rs. 30,99,375 should not be substituted against the sum of Rs. 6,20,000. the market value of the asset ought to be appropriately discounted.We have noted that these were the inchoate, negotiable instruments. Litigation was pending. Asset was in the possession of the Department. Realisation of the actual value was not possible. Ends of justice would meet adequately if some discount is allowed for ascertaining the value, which the property would fetch if sold in the open market. In our opinion, in the facts and circumstances of the present case, 25 per cent from the value as adopted for wealth-tax purposes on account of depressing factors and to modify the assessment accordingly."
(emphasis, italicised in print, supplied) In view of the aforesaid discussion, we answer the question in negative i.e., in favour of the assessee and against the Revenue.