1978 (10) TMI 64

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....enalty of Rs. 1,876 under s. 18(1)(a) of the Wealth Tax Act. 2. The return of net wealth in the case of the assessee for the asst. yr. 1969-70 was due under s. 14(1) on or before 30th June, 1969. However, the return was submitted voluntarily on 17th Nov., 1969 declaring net wealth at Rs. 2,93,770. The assessment was completed on 21st March, 1973 on net wealth of Rs. 2,93,770 i.e. accepting the ....

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....al pronouncements to stress the point that penalty could not be levied for such a technical default. It was submitted that the penalty proceedings may be dropped. The WTO, however, ignored these contentions of the assessee by holding that "there is absolutely no force in what has been asserted". 4. When the matter came before AAC he supported the WTO and confirmed the penalty. Hence the present....

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.... We have carefully considered the rival submissions and we find no justification for the imposition of penalty. The assessee had filed the return voluntarily though the return is belated. The net wealth returned by the assessee has been accepted without any interference in it. The assessee's assertion that he cooperated in the completion of the assessment and paid tax properly has not been controv....