1981 (1) TMI 90

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....8(1)(a) of the WT Act relating to the asst. yr. 1972-73. The wealth-tax return was due to be filed on or before 31st July, 1972 but it was filed on 24th Jan.,1973. The WTO rejected the assessee's plea about applying for extension of time on 31st July, 1972 and 22nd Jan., 1973 and imposed a penalty of Rs. 4,183 for default of five complete months. Before the AAC in appeal the assessee produced the ....

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....726 (P&H) should be applied and the application filed out of time was bound to be considered by the WTO. 2. On behalf of the assessee, Shri N.K. Sud, contended that the AAC having accepted the fact of filing of the second extension application should have taken a similar view and given the assessee the benefit of further extension requested. He submitted that the view taken by the Punjab and Ha....

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....essee could not be held to be not liable for penalty for a default of three complete months. 3. We have considered the rival submissions. It is true that no form for seeking extension of time is prescribed under the WT Act but it is equally true that the language employed in the IT Act and the WT Act in corresponding provisions is quite different. Sec. 14(3) of the WT Act merely provides that t....

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..... This application though filed is not available in the assessment records. The assessee on the one side contends that the WTO had granted extension upto 31st Jan., 1973, but on the other hand the application is not available in the assessment records and the fact is, therefore, verifiable. However, be that as it may the worst that can be thought of is that the WTO did not dispose of the assessee'....