1984 (11) TMI 129

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....f the WT Act has been confirmed. For the asst. yr. 1974-75 the assessee furnished the WT return on9th Dec., 1980though the same was due on31st July, 1974. For the delay of 76 complete months the WTO initiated penalty proceedings under s. 18(1)(a). Rejecting the explanations offered by the assessee the WTO imposed a penalty of Rs. 49,096. On appeal the AAC uphold the penalty as follows: "I find ....

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....ppellant's explanation that he was not aware that under the WT Rules, the valuation of the gold has to be taken at market value and the basis of valuation in wealth-tax are different from income tax." 2. The assessee is aggrieved and has come up in appeal before us. Shri Virender Partap, ld. counsel appeared for the assessee and Shri J. R. Malhotra, ld. Departmental Representative for the Reven....

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....eturns for the asst. yrs. 1974-75 to 1980-81 on the same date on8th Dec., 1980. It is also not disputed that the capital of the assessee in M/s Gupta Jewellers without adding the market value of the said gold was only Rs. 51,648 and the same was below taxable limit. In such circumstances the plea of the assessee cannot be rejected straight-away especially in view of the decision of the Hon'ble Sup....