Basis a valuation report, the assessee declared a certain value of its immovable property in its wealth tax return. The WTO disputed this valuation and used another mechanism to determine the value. In appeal, the CWT (A) reduced the addition by taking into consideration the price of properties in the similar area. The Tribunal inter alia upheld the CWT(A) order. Held that where the assessee had claimed a certain value of its land basis a valuation report, the dispute by the department against such valuation would not amount to concealment of wealth and therefore, penalty could not have been imposed. (AY. 2007-08)