1981 (11) TMI 11

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....cts briefly stated are that the return under the W.T. Act, for the assessment year 1971-72, was filed on 19th June, 1972. The WTO imposed penalty u/s. 18(1)(a) amounting to Rs. 10,660 for late filing of the return without reasonable cause. The assessee made an application u/s. 18(2A) to the CWT for waiver of penalty. That application was rejected by order of the Commissioner dated 31st July, 1974. The assessee also filed an appeal against the order of the WTO, which was allowed by the AAC by his order dated 12th March, 1976, on the ground that there was reasonable cause for late filing of the return. In further appeal before the Tribunal, it was held that as the Commissioner had refused to waive the penalty, the AAC had no jurisdiction to e....

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....ior to the detection by the Wealth-tax Officer of the concealment of particulars of assets or of the inaccuracy of particulars furnished in respect of the assets or debts in respect of which the penalty is imposable, voluntarily and in good faith, made full and true disclosure of such particulars; (b) has co-operated in any enquiry relating to the assessment of the wealth represented by such assets; and (c) has either paid or made satisfactory arrangements for payment of any tax or interest payable in consequence of an order passed under this Act in respect of the relevant assessment year. " A perusal of s. 18(2A) will go to show that it proceeds upon the assumption that the assessee has become liable for penalty on his failure to ....