1982 (8) TMI 128

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....ur sustaining the orders of the WTO imposing penalties of Rs. 19,837 and Rs. 11,570 respectively under s. 18(1)(a) of the WT Act, 1957. 2. The return of net wealth for the asst. yr. 1973-74 was due to be filed on or before 15th Aug., 1973 The same was, however, filed on 19th Sept., 1975. The return was, therefore late by 25 complete months. For the asst. yr. 1974-75, the return of net wealth wa....

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.... wealth was below the taxable limit and the enhancement was on account of difference of opinion, there was no case for imposing penalty of the asst. yr. 1973-74. it is also contended that the assessee had returned the value of the plot as Rs. 16,000 and of two buses at Rs. 1 lakh, while the authorities below assessed their value of Rs. 25,000 and Rs. 1,25,000 respectively. It was, therefore conten....

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....has therefore been contended that no penalty was exigible. Similar arguments have been advanced for the asst. yr. 1974-75. The returned wealth of this year is at Rs. 1,11,1979. Shri Ranka, the ld. Counsel for the assessee contended that return for the asst. yr. 1973-74 and 1974-75 were filed simultaneously after the assessee became aware that this his net wealth was around margin of assessment. He....

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....Taxman 204. The ld. Deptl. Rep. on the other hand, has supported the order of the authorities below and has contended that when the assessee entertained a belief that tax liability was to be given as a deduction, he was fully aware of the legal provisions and still he did not file the return and deducted the liability when it was not deductible in view of the provisions of s. 2(M) (ii). He, theref....