2017 (12) TMI 478

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..... N.CHARY, JUDICIAL MEMBER Aggrieved by the orders dated 05.06.2013 & 13.09.2013 in Appeal No.9/12-13 & 504/11-12 respectively, passing by the Ld. Commissioner of Wealth Tax (Appeals) [in short "CWT(A)"]-I, New Delhi, the Revenue filed these two appeals relate to the AY 2009-10 out of the Wealth Tax commutation proceedings of the assessee. 2. Briefly stated facts are that the assessee filed the ....

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....uance of notice u/s 16(4) of the Act, amount to furnishing all inaccurate particulars of wealth. On this ground, the DCWT initiated penalty proceedings u/s 18(1)(c) of the Wealth Tax Act and concluded them by levying of penalty of Rs. 16,53,000/-. Appeals preferred challenging the finding of the DCWT and the levy of penalty was allowed by the DCWT by way of impugned order stating that since there ....

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....(i) If any person has not furnished the return within time of sub-section (1) of section 14; (ii) If any person has not filed a return in response to a notice issued u/s 16(4)(i) of the Act; and (iii) If any person having furnished a return discovered any omission or strong statement in the returned furnished. 4. In all the above three contingencies the furnishing of the revised return bef....

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....e of belated filing of the original return of wealth. Though it is argued by the Ld. DR that the belated return as well as the revised return both are nonest in the eye of the law. We find it difficult to agree with him inasmuch as it is only on the basis of the revised return of wealth, the assessment took place. We also do not find any support of law to the observations of the AO that the belate....