1982 (7) TMI 204

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....mon order of the AAC cancelling the penalty imposed under section 18(1)(a) of the Wealth-tax Act, 1957 ('the Act'). 2. The assessee has filed the belated returns both under the Income-tax Act as well as under the Wealth-tax Act for the assessment years 1972-73 and 1973-74 on 1-3-1978, even though they were due on 31-7-1972 and 31-7-1973 respectively. The penalty imposed for the delay in the fil....

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....ime allowed for filing the income-tax return, thus recognising the statutory principle behind the decision of the Madras High Court in Babulal's case. The Act, therefore, does not prescribe the imposition of penalty in the case of delay in filing the wealth-tax return, if the delay is occasioned by the filing of the income-tax return because if such delay is condoned it has to be condoned in the w....