1979 (2) TMI 153

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.... WT Act, 1957. 2. The wealth-tax return of the assessee for the asst. yr. 1972-73 was due on 30th June, 1972. The same was, however, filed on 13th Nov., 1975. For late submission of the return, penalty proceedings were initiated against the assessee. In response to the show cause notice, the assessee contended that he was under a Bona fide belief that his wealth being Rs. 98,311 was below the t....

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....ned wealth and the assessed wealth is attributable to the fixed deposits of Rs. 3,432 and Rs.10,000 in the U.Co. Bank on 12th July, 1971 and 14th Oct., 1971 which the considered to be exempt from wealth-tax. According to him, the assessee believed in good faith that all the fixed deposits in the Banks were exempt from wealth-tax irrespective of their period of deposit and that explains why the ass....

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....uthority, the liability to pay penalty does not arise merely upon the proof of default and penalty need not also be imposed because it is lawful to do so. Now, in the present case, there is absolutely no evidence on the record to prove that the assessee intentionally or fraudulently delayed the submission of his return or that he filed the return after the default was detected by the Department. T....