1983 (4) TMI 87

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....ls the assessee is aggrieved with the sustention of the reduced quantum of penalties. For determination of this issue the relevant facts are as under. 2. The original assessment for the asst. yr. 1974-75 was completed vide order dt. 20th March, 1975 on net wealth of Rs. 2,03,850. Similarly for the asst. yr. 1975-76, original assessment had been completed on 22nd December, 1975 on a net wealth of Rs. 2,05,000. However, on 11th October, 1977, the assessee suo motu filed fresh returns for each of the assessment years declaring net wealth of Rs. 2,14,844 and Rs. 2,10,494 respectively. The WTO did not take any notice of these returns. He issued notice u/s 17 of the WT Act for each of the assessment years under appeal and served it upon the as....

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....the fact that he missed the memory the WTO levied the impugned penalties on 27th March, 1981. 4. In appeal the AAC has held that to the extent the assessee had disclosed the value of these assets in the returns himself, there is no concealment. But the difference in the value taken in the assessment regarding the capital of Rs. 2,932 for the asst. yr. 1974-75 and of Rs. 3,672 for the asst. yr. 1975-76 was the concealed net wealth. The penalties for these two amounts for the respective years were therefore sustained.   5. After hearing both the sides and after careful considerations of the facts of the case we are of the opinions that there is no justification for sustaining any penalty for the years under appeal. The assessee ....