1985 (1) TMI 80

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....alth for the asst. yrs. 1970-71 and 1971-72 late by 45 and 33 complete months respectively. The returned wealth for these years was Rs. 1,05,000 and Rs. 1,02,700 respectively. On assessment wealth was determined by the WTO at Rs. 1,45,000 and Rs. 1,44,700 respectively in these years. Enhancement of Rs. 40,000 in the asst. yr. 1970-71 and of Rs. 42,000 in the asst. yr. 1971-72 was due to appreciati....

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....es of the parties in our judgment, both the appeals deserved to be allowed. It is to be seen that the circumstances under which the returns for both the years were filed show reasonable cause for the delay. It is true that the assessee cannot escape liability under the law on the grounds that he was ignorant of the law. We do see that there cannot be any presumption that every person knows the law....

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.... that mother of the assessee was a regular income tax payer and assessee's family members were also wealth-tax payers. He further observed that the assessee belonged to very rich family and was educated. Even if all these facts and circumstances are taken together, they do not take away the force of the explanation of the assessee that he had then just come out of age and was ignorant of the WT Ac....