1984 (11) TMI 129

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..... the WT return on9th Dec., 1980though the same was due on31st July, 1974. For the delay of 76 complete months the WTO initiated penalty proceedings under s. 18(1)(a). Rejecting the explanations offered by the assessee the WTO imposed a penalty of Rs. 49,096. On appeal the AAC uphold the penalty as follows: "I find that the appellant had himself shown wealth in the return at Rs. 2,30,000 which mea .....

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..... of the gold has to be taken at market value and the basis of valuation in wealth-tax are different from income tax." 2. The assessee is aggrieved and has come up in appeal before us. Shri Virender Partap, ld. counsel appeared for the assessee and Shri J. R. Malhotra, ld. Departmental Representative for the Revenue. After hearing both the parties at length we are of the view that the assessee is .....

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..... s also not disputed that the capital of the assessee in M/s Gupta Jewellers without adding the market value of the said gold was only Rs. 51,648 and the same was below taxable limit. In such circumstances the plea of the assessee cannot be rejected straight-away especially in view of the decision of the Hon'ble Supreme Court in the case of Motilal Padampat Sugar Mills Co. Ltd. vs. State of Uttar P .....

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