1983 (1) TMI 53

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...., passed by the WTO levying penalty and the order of CWT rejecting another waiver application respectively have also been challenged. Before examining the correctness of these orders we may notice facts in brief. In 1972, instructions appear to have been issued by the CBDT to the Commissioners of Income-tax and Wealth-tax to persuade assessees to make voluntary disclosures in what has been described in the petition Is mass communication programme. On July 27, 1972, the petitioner moved an application before CIT disclosing voluntarily a sum of Rs. 50,000 earned in stray activities in the iron trade which was not shown in the returns for the years 1970-71 and 1971-72. The assessee prayed for the acceptance of the amounts of Rs. 20,000 in 1....

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....riving at this finding is stated thus: "The assessee has only disclosed the income offered for assessment this year as his additional wealth, whereas the income offered for the earlier year also should have been disclosed as a part of wealth for this year as the amount remained intact with him in cash till the date of disclosure subsequently made. The additional wealth to be disclosed for this year should have been Rs. 35,000 and not Rs. 15,000 only. " After this order the assessee moved another application for the waiver of penalty for 1972-73, and along with it claimed waiver for 1971-72, as well. The prayer in respect of 1971-72 was treated as seeking rectification but as the Commissioner was not satisfied that the view taken by hi....

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....of which the penalty is imposable, voluntarily and in good faith made full and true disclosure of such particulars, and also has co-operated in any inquiry relating to the assessment of his net wealth and has either paid or made satisfactory arrangements for the payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. Explanation.-For the purposes of this sub-section, a person shall be deemed to have made full and true disclosure of the particulars of his assets or debts in any case where the excess of net wealth assessed over the net wealth returned is of such a nature as not to attract the provisions of clause (c) of sub-section (1) of section 18. " A peru....