9911796707
TMI Blog1983 (7) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... mber, 1974, 4th November, 1974 31st December, 1975. Since there was considerable delay in filing the returns, the WTO levied penalties amounting to Rs. 11,801 for the asst. yr. 1972-73, Rs. 4,925 for the asst. yr. 1973-74, Rs. 1,176 for the asst. yr. 1974-75 and Rs. 1,708 for the asst. yr. 1975-76. 3. As against there orders of the WTO, the assessee went up in appeal before the AAC, before whom the ld. counsel for the assessee contended that the wealth of the assessee included shares in companies, bank balances and gold ornaments. She was a partner in the firm M/s Vanity Apparels, Bhopal, and had been filing her income-tax returns regularly. She was under the bona fide belief that her wealth was below taxable limit and hence she did not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yr. 1972-73 also. With regard to the contention of the ld. counsel for the assessee that the assessee has filed voluntarily returns for the asst. yrs. 1973-74 to 1975-76, the AAC observed that though technically the assessee may take the credit for filing the return voluntarily, as a matter of fact, she filed these returns for the asst. yrs. 1973-74 onwards only when the WTO asked her to give details for her wealth during the income-tax proceedings. With regard to the contention of the assessee that she was under the bona fide impression that her wealth was below taxable limit, and her belief was further supported by the Supreme Court Judgment in the case of Arundhati Balakrishna, the AAC observed that if the Supreme Court, either because o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l in WTA No. 52 (Ind)/1981 in the case of Smt. Ratan Bai vs. WTO wherein, on similar facts, the penalty sustained by the AAC was cancelled. 5. The ld. departmental representative, on the other hand, supported the orders of the lower authorities and justified the action of the AAC. 6. We have carefully considered the facts and circumstances of the case and the submissions on either side. The first and foremost plea taken by the assessee is that the assessee is a lady and was under the bona fide belief that her wealth was below taxable limit and hence she did not file the returns in time. The other plea taken by the assessee is that the assessee was unaware of the fact that the plot at Jabalpur stood in her name and, therefore, if the val ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confusion for quite a lot of time and finally by the decision of the Supreme Court in the case of Arundhati Balakrishna, it was held by the Supreme Court that jewellery ornaments for personal use were exempt. On appreciation of the facts and material on record, if we calculate the value of jewellery and the value of the plot and exclude it from the wealth of the assessee as seen from the wealth-tax assessment orders, the assessee s wealth is below taxable limit. In view of the fact that the assessee has filed the returns voluntarily for the asst. yr. 1973-74, onwards and subsequently, after coming know of the amendment, has filed the return of wealth for the asst. yr. 1972-73 also, we are of the opinion, the only conclusion is that the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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