1980 (6) TMI 63

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....bsp;           The WTO by his order dated 7th March, 1978 levied a penalty of Rs. 5,100 under s. 18(1)(A) of the WT Act for the late filing of the return for the asst. yr. 1969-70. The AAC upheld the order. The assessee has accordingly come up in appeal before us. 2. The net wealth of the assessee for the asst. yr. 1969-70 was assessed at Rs.....

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....tentional to get the return below the taxable limit. In the opinion of the AAC there was conscious disregard of the statutory obligations on the part of the assessee and for the delay of 71 months the penalty levied is justifiable. The assessee's representative pointed out that on the facts and in the circumstances of the case the penalty imposed is unjustifiable; that no penalty could be legally ....