1978 (7) TMI 175

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....celled the penalties of Rs. 5,005, Rs. 3,978 and Rs. 2,984 imposed by the WTO u/s 18(1)(a) of the WT Act for the asst. yr. 1969-70, 1970-71 & 1971-1972. When the appeals were taken up for hearing the assessee did not appear. We, therefore, proceed to dispose of the appeals after hearing the learned Departmental Representative and after perusing the records of the case. We find that the assessee fi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nimum. The life interest included in these assessments are Rs. 48,601, Rs. 48,294 and Rs. 48,034 respectively. If the above amounts are excluded the assessee's wealth would not be liable to wealth-tax. The assessee had pleaded before the WTO as well as before the AAC that he was under the bonafide belief that the life interest aforesaid is not includible in the net wealth of the assessee and that ....