1980 (6) TMI 63

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..... r. 1969-70. The AAC upheld the order. The assessee has accordingly come up in appeal before us. 2. The net wealth of the assessee for the asst. yr. 1969-70 was assessed at Rs. 1,10,000 and the WT levied amounted to Rs. 50 only. The assessee had been granted certain exemption for residential house under s. 5(1)(iv). The immovable property was valued on the basis of the valuer's report for the yea .....

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..... ifiable. The assessee's representative pointed out that on the facts and in the circumstances of the case the penalty imposed is unjustifiable; that no penalty could be legally levied on the basis of the estimated valuation of immovable property and when the assessee has proceeded on the bona fide belief that his net wealth was below the taxable limit and the assessee was declared not liable to ta .....

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..... se circumstances, it is only justifiable to hold that the assessee has proceeded on a genuine belief that for the assessment year under consideration he was not bound to file the return. The explanation offered by the assessee should have been considered in the correct perspective rather than on technical points. We accordingly allow the appeal and cancel the penalty. - - TaxTMI - TMITax - Wea .....

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