TaxTMI 
TaxTMI 
1978 (7) TMI 169
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....lty of Rs. 10,454 imposed by the WTO u/s 18(1)(a) of WT Act for the asst. yr. 1971-72. 2. For the above asst. yr. Notice u/s 14(2) of the WT Act was served on the assessee on 20th June, 1971. The assessee filed the return only on 8th Oct., 1973. He was assessed on a net wealth of Rs. 1,90,900. Penalty proceedings were initiated for the delay in filing the return. Show cause notice was issued an....
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.... only on 8th Oct., 1973 the WTO held that there was no reasonable cause for the delay in fling the WT return beyond 15th Oct., 1971 up to which period he held that there was a reasonable cause for the delay in filing the IT return. Computing the period of default as 23 months he levied penalty u/s 18(1)(a) of the WT Act as stated above by his order dated 28th Feb., 1976. On appeal the AAC found th....
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....in the case of V.L. Dutt vs. CIT reported in 103 ITR 634 she held that penalty u/s 18(1)(a) was not warranted. She deleted the penalty. It is against this order of the AAC the present appeal is filed before us by the revenue. 3. The learned departmental representative strenuously contended that AAC erred in cancelling the penalty without giving a finding that the assessee had reasonable cause f....
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....twice for the purpose of gathering the particulars of his wealth. The net wealth returned by the assessee was substantially accepted by the department because of the fact that the particulars were found to be correct. The wealth assessed was Rs. 1,90,000 and the WT demanded on this wealth was Rs. 909. If really all the particulars of wealth were available with the assessee he should have certainly....