9911796707
TMI Blog1987 (1) TMI 177X X X X Extracts X X X X X X X X Extracts X X X X ..... return being admittedly a belated one, penalty proceeding were taken against the assessee under s. 181(1) (a) of the Wealth-tax Act, 1957 and penalty imposed at Rs. 760 with the reasoning that the assessee has without reasonable cause failed to furnish the return in time. The stand of the party before the WTO has been (I) that his new wealth was below taxable limit; (ii) that a search was conduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... WTO claiming further liabilities and the net wealth stood to Rs. 70,531, but ultimately the assessment stood at Rs.4,71,150. He further reasoned that if there was bona fide belief with assessee about his net wealth being below the taxable limit, there was no justification for his filling the return on20th June, 1979. 2. The assessee is as yet aggrieved and we have heard the parties at length. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of r. IBB, WT Rules as a method of valuation, the net wealth is less than that assessed, we consider it not a fit case that warrants levy of penalty. WE have also taken into account the marginal assessed wealth as stands. The belated filling of the net wealth- tax return by the assessee, on the stated facts is held to be for reasonable and sufficient cause. The penalty imposed and sustained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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