2016 (2) TMI 506

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....DR ORDER PER Waseem Ahmed, Accountant Member:- This appeal by the assessee is arising out of order of Commissioner of Wealth Tax (Appeals), Central-III, Kolkata in appeal No.18/CC-XXV/CIT(A) CIII/ 2011-12/Kolkata dated 14.02.2014. Assessment was framed by ACWT, Central Circle-XXV, Kolkata u/s 17/16(3) of the Wealth Tax Act, 1957 (hereinafter referred to as 'the Act') vide his order dated ....

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....T Act was issued to initiate the penalty proceedings. However, Ld. AR of assessee demonstrated before AO that assessee is a non-technical person and solely dependent upon the advice of his accountant in respect of technical matters, accordingly, assessee was under the impression that liability for filing of Wealth Tax return would be looked after by his accountant. As the assessee received the not....

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....ntly, assessee had gone before Hon'ble Settlement Commissioner against the action taken by Central Excise and I.T. Department. So the assessee was busy in the litigation matter with the Department as stated above, he omitted to file his wealth tax return on due time. However, as soon as notice was received, assessee immediately submitted his wealth tax return and paid due tax thereon immediate....

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....fore us Ld AR of assessee fairly submitted that assessee has been filing wealth tax return for the last many years and assessee never defaulted in filing the wealth tax in earlier period. In the relevant year, there was a search of IT department as well as Central Excise Department therefore assessee was occupied in handling those matters for which assessee approached before Ld. Settlement Commiss....