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TMI Blog1983 (3) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... ting to some of the assessees, two assessment years are involved. 2. W.T.A No. 64 (Del)/1982 : 1974-75 is the assessment year concerned.31st December, 1973is the corresponding valuation date. Assessee is an individual. Return of net wealth for the said assessment year was u/s 14(1) due to be filed by30th June, 1974. The return was however, filed on31st March, 1976only, i.e., after a delay of som ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ). Commissioner went into the matter at great length and came to the conclusion that assessee was prevented by a reasonable cause from filing the return in time. He, therefore, allowed the appeal and deleted the penalty. 4. Revenue is aggrieved. Revenue s contention before us was two-fold. Firstly, it is urged that whereas as per applications dt.29th June, 1974,30th July, 1974and11th September, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e was that the partnership firm concerned had in any case furnished its return of income for the assessment year under consideration on 28th February, 1975, i.e., prior to return on 22nd April, 1975 of the seized books by the Sales-tax Department and that, hence, assessee was in any case in a position to furnish return of net wealth at least in February, 1975. We see no force in this reasoning eit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e firm had extensive business run by some 22 or 23 branches at various stations. There is no evidentiary material to indicate that the assessee had access to the balance-sheet of the firm as on the expiry of the previous year relevant to asst. yr. 1974-75 so as to enable to assessee to compute the value of his interest in the partnership firm, as contemplated in r. 2, Wealth-tax Rules. Learned cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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