1979 (5) TMI 27

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.... the assessee was prevented by a reasonable cause in filing of the return within time for the year under consideration. 2. The facts, in brief, are that the appeal is filed on behalf of Mangal Singh deceased by his legal heir, namely, Kulwant Singh for the year under consideration, the assessee was required to file a return on or before 29th Feb., 1972 in view of the Board's circular No. 78 dt.....

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....Feb., 1972, and therefore, the impugned penalty was imposed by him. On appeal the AAC concurred with the WTO and he confirmed the impugned penalty. 3. Aggrieved the assessee has come up in appeal to the Tribunal. Sh. Jain, ld. counsel for the assessee argues before us that the assessee was all along under the impression that his wealth consisting of agricultural land was below taxable limit and....

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....y the assessee on 14th July, 1974 for the asst. yr. 1971-72 showing wealth at Rs. 2,23,000 which is below taxable limit. It is, therefore, argued that the fact that the assessee filed return for the asst. yr. 1971-72 showing wealth at Rs. 2,23,000 which is below taxable limit, goes to show that the assessee was really under the belief that his wealth was below taxable limit. For the asst. yr. 1971....