9911796707
TMI Blog1978 (10) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... or the asst. yr. 1971-72 return was due to be filed on or before 30th Sep., 1971 and for the asst. yr. 1972-73 the due date for filing of the return was 31st July, 1972. He also found that no return was filed and that the assessment was completed to the best of his judgment under s. 16(5) of the WT Act, 1957. The amount of net wealth computed by the WTO was at Rs. 2 lakhs for each year. Since no r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re justified and that the computation of the net wealth was without any basis and justification, in view of the fact that the actual net wealth of the assessee was below Rs. 1 lakh. It was pointed out also that as per the returns filed for the subsequent three years the net wealth of the assessee was below Rs. 1 lakh. It was argued also that the income of the assessee was exempted from payment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cepted the claim of the assessee that he was entitled to exemption under s. 10(26) of the IT Act, 1961, and that the assessee was of a genuine belief that exemption also extended to the assessee for wealth-tax purposes. It is argued, at any rate, that net wealth of the assessee did not exceed Rs. 1 lakh so as to attract wealth-tax liability. It is pointed out that the net wealth for the subsequent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment stage but also at the penalty hearing stage. It is urged that penalty should be sustained. 7. We have considered the rival contentions of both the sides. We find that the WTO has issued assessee show cause notice to the assessee and has also given another opportunity to the assessee to show cause since there was no appearance of explanation filed by the assessee, the penalty was imposed as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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