1982 (7) TMI 147

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....ing penalties of Rs. 26,442 and Rs. 27,765 respectively levied for the asst. yrs. 1973-74 and 1974-75 u/s 18(1) (a) of the WT Act. 2. After hearing both the sides, we find that the authorities below erred in imposing the penalties upon the assessee. The assessee filed the return of net wealth for the asst. yrs. 1973-74 and 1974-75 respectively on 12th November 1973 and 30th July 1974. These ret....

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....ears under appeal when the returns were filed within time with the signature of Shri Dalip Singh, the assessee had bona fide belief that the returns had been validly submitted. However, when the mistake was discovered the assessee hastened to file returns signed by the Karta simultaneously for both the years on 28th March 1977. The delay, therefore, was due to reasonable cause for which no penalty....

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....d that the delay in furnishing the returns, if any, was due to reasonable cause. 5. That facts stated above in fact show that the assessee made conscious efforts to comply with the provisions of law. This is clear from the returns having been filed within time, albeit with the signature of the Attorney only. The assessee also voluntarily filed the returns on 28th March 1977 when the mistake was....