1976 (2) TMI 97

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....Act. 2. Though the return of the assessee was due by 30th June, 1971, the same was in fact filed on 26th Oct., 1971. The ITO held that he assessee had no reasonable cause for this delay in the filing of the Wealth-tax return. He, therefore, imposed the penalty. 3. The AAC found that the assessee was a partner in K.L. Bhasin and Co. (Petrol Pump), Bokaro and K.L. Bhasin & Co., Ranchi. These f....

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....the penalty should have been upheld. 5. The learned counsel for the assessee, on the other hand, submitted that in the absence of the availability of capital account in the firm, the assessee could not file the wealth-tax return. As soon as the figures were available, the wealth-tax return was filed. He, therefore, submitted that the delay was due to a reasonable cause. 6. Having heard the a....