1978 (10) TMI 69

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... WTO for the above two assessment years were confirmed. 2. The WTO found that for the asst. yr. 1971-72 return was due to be filed on or before 30th Sep., 1971 and for the asst. yr. 1972-73 the due date for filing of the return was 31st July, 1972. He also found that no return was filed and that the assessment was completed to the best of his judgment under s. 16(5) of the WT Act, 1957. The amo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s contended on behalf of the assessee that the penalty orders for both the years were justified and that the computation of the net wealth was without any basis and justification, in view of the fact that the actual net wealth of the assessee was below Rs. 1 lakh. It was pointed out also that as per the returns filed for the subsequent three years the net wealth of the assessee was below Rs. 1 lak....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....O. 5. Before us, it is contended on behalf of the assessee that the Revenue has accepted the claim of the assessee that he was entitled to exemption under s. 10(26) of the IT Act, 1961, and that the assessee was of a genuine belief that exemption also extended to the assessee for wealth-tax purposes. It is argued, at any rate, that net wealth of the assessee did not exceed Rs. 1 lakh so as to a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ioned by the WTO in the penalty orders, there was no compliance not only at the assessment stage but also at the penalty hearing stage. It is urged that penalty should be sustained. 7. We have considered the rival contentions of both the sides. We find that the WTO has issued assessee show cause notice to the assessee and has also given another opportunity to the assessee to show cause since th....