1984 (4) TMI 91

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....1) (a) of the WT Act. 2. The return was due on or before 30th June, 1975, whereas the same was filed on 23rd March, 1977. The WTO initiated penalty proceedings under s. 18(1) (a) of the Act and issued a show cause notice to the assessee. The assessee did not appear nor submitted any explanation and the WTO imposed a penalty of Rs. 41,000. 3. The assessee came in appeal before the AAC and con....

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.... of the AAC may be set aside. 5. The counsel of the assessee filed a paper book which included the explanation of the assessee before the WTO and the AAC and the statement of wealth for the asst. yr. 1975-76 on the basis of which the return was filed. Accordingly, it was urged that the assessee was under the bona fide belief that she did not have taxable wealth and, therefore, the penalty was r....

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....h is in minus figure at Rs. 62,499 for which the return was filed by the assessee for the asst. yr. 1975-76 and a photostat copy of the receipt as well as the return had been included in the paper book. It is clear from the wealth-tax return filed by the assessee that till the return was filed, the assessee was of the bona fide belief that she did not have taxable wealth. The extension of time was....