1979 (1) TMI 126

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....ange, Patiala, hereinafter referred as the AAC, confirming penalties of Rs.10,000 levied by the WTO Distt 1(1) Patiala, hereinafter referred as the WTO under s. 18(1)(c) of the WT Act, hereinafter referred as the Act, for each of the asst. yrs. 1968-69 and 1969-70. 2. Two common contentions are that legally the WTO wrongly assumed jurisdiction to impose the levy of penalties and secondly that o....

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....ition of Rs. 20,940 was made to the taxable income for the asst. yr.1965-66. No notice for levy of penalty under s. 271(1)(c) in the case of the firm was, however, issued. Penalty proceedings under s. 271(1)(c) in the assessee's individual case were initiated but came to be drooped by the Assessing Officer himself vide order dt. 30th Aug., 1969. It may be noted here that the said addition of Rs. 2....

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.... of Rs. 10,000 under s.18(1)(c) of the Act. The assessee filed appeals to the AAC but failed. The return of wealth-tax for the asst. yr. 1968-69 was filed on 18th Sept., 1968 showing net wealth of Rs. 97,352 and the return for 1969-70 was filed on 30th Sept., 1970 showing taxable wealth at Rs. 88,132. The WTO however, computed taxable wealth at Rs. 1,07,352 and at Rs. 98,130 respectively for the y....

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....l Perincherry vs. CWT (1). For the Revenue, Shri C.S. Jain contended that once the additions were made and accepted, the assessee was bound to show the assets or their dissipation. 5. After hearing the parties we are of the view that on the peculiar circumstances of the case thought the assessee was accepting the assessment. It would be in the realm of imagination to hold that for all these yea....