9911796707
TMI Blog1982 (8) TMI 117X X X X Extracts X X X X X X X X Extracts X X X X ..... d on 31st July, 1973 and 31st July, 1974 respectively but were actually filed on 4th June, 1975 and 29th April, 1976 respectively. For the delay in filing the returns of net wealth, penalty proceedings under s. 18(1)(a) were initiated at the time of completing the assessments. After giving an opportunity of being heard to the assessee, the WTO levied penalty of Rs. 13,920 and Rs. 16,190 under s. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry ingredient in arriving at the correct net wealth which has to be disclosed in their wealth tax returns. The correct ascertainment of particulars of taxable income of a person would, therefore, be necessary step ascertaining the position of the net wealth of the same person on the relevant valuation dates. Any delay in the preparation of the particulars of the assessee's income cannot be brushed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee, the AAC deleted the penalties, by holding that the delay in filing the income-tax returns was a reasonable cause for the delay in filing the wealth-tax returns. 4. The revenue is aggrieved by this order of the AAC. The grievance made by the Revenue is that the penalties levied by the WTO should not have been cancelled by the AAC on the ground that the delay in filing the income-tax returns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturns constitutes a reasonable cause for the delay in filing the wealth tax returns. The AAC has rightly followed this judgment. In the case of Shakuntala Mehra vs. CWT (1976) 102 ITR 301 (Del), the Hon'ble High Court has held that the more failure to file returns within the time allowed did not make the assessee liable to penalties; there had to be contumacious or deliberate default; and the onu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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