1984 (1) TMI 154

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....3 for the five assessment years 1970-71 to 1974-75 (both inclusive) were levied on an assessee, who had only a petty wealth-tax liability of Rs. 7,121 in the aggregate for the said five years, for the reason that the wealth-tax returns to be voluntarily furnished were furnished late. Fortunately the AAC cancelled these uncalled for impositions. Hence, the department appeals. 2. The facts are we....

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....ure, he became liable to wealth-tax. So the wealth-tax returns were furnished on 14-12-1977. In penalty proceedings the WTO stated that if the assessee wanted immunity, he should have made a separate disclosure under section 15 of the VDO. The AAC found reasonable cause for the failure. That is why the penalties were cancelled. 3. The assessee-respondent submitted before us that there is no nee....

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....rpretation. It must also be noted that section 14 is a provision common to cases where searches under the Income-tax Act, 1961 or of the 1957 Act had taken place. The reference to value of the asset which is applicable only to wealth-tax in section 14 also supports that view that the 'said Acts' refer to the Wealth-tax Act also. This is a case where disclosure has been accepted without any modific....

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.... an assessee is under the belief that all what he need do in a case where there was a search under the Income-tax Act or the Wealth-tax Act, is to make a disclosure of income and that the rest like assessment to wealth-tax are only consequential and will take care of themselves and that, therefore, there is no need or hurry to file consequential wealth-tax returns, such belief is only a reasonable....