1981 (7) TMI 44

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s for the assessment years 1964-65 to 1969-70. The respondent No. 2, therefore, issued show-cause notice on the petitioner as to why penalty should not be imposed on him u/s. 18(1)(a) of the W.T. Act, 1957 (for short "the Act"). The petitioner thereupon approached the Commissioner of Wealth-tax (respondent No. 1) stating that as the petitioner had voluntarily and in good faith made a full disclosu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hich relate to the aforesaid six assessment years is that 18(2A) conferred on the learned Commissioner power to even totally waive the amount of penalty imposed or imposable under law, but the same has been refused without assigning any reason. The penalty becomes imposable only when there has been a delay in the filing of the return. So the fact of delay in the filing of the return cannot itself ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rcise it for the benefit of those who have that right, when required on their behalf." In the present case, no reason at all has been attributed by the learned Commissioner in having ordered a reduction of the penalty to 25%. The circumstances under which penalty can be totally waived cannot be exhaustively enumerated, but some of the points which may have to be borne in mind in this context ar....