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TMI Blog1982 (8) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... 70 respectively under s. 18(1)(a) of the WT Act, 1957. 2. The return of net wealth for the asst. yr. 1973-74 was due to be filed on or before 15th Aug., 1973 The same was, however, filed on 19th Sept., 1975. The return was, therefore late by 25 complete months. For the asst. yr. 1974-75, the return of net wealth was due to be filed on or before 31st July 1974 but the same was filed on 29th Sept. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of opinion, there was no case for imposing penalty of the asst. yr. 1973-74. it is also contended that the assessee had returned the value of the plot as Rs. 16,000 and of two buses at Rs. 1 lakh, while the authorities below assessed their value of Rs. 25,000 and Rs. 1,25,000 respectively. It was, therefore contended that it was a case of an honest difference of opinion about the valuation. Simi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een advanced for the asst. yr. 1974-75. The returned wealth of this year is at Rs. 1,11,1979. Shri Ranka, the ld. Counsel for the assessee contended that return for the asst. yr. 1973-74 and 1974-75 were filed simultaneously after the assessee became aware that this his net wealth was around margin of assessment. He further submitted that the difference of Rs. 11,799 was marginal and, therefore th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorities below and has contended that when the assessee entertained a belief that tax liability was to be given as a deduction, he was fully aware of the legal provisions and still he did not file the return and deducted the liability when it was not deductible in view of the provisions of s. 2(M) (ii). He, therefore submitted that the AAC has rightly sustained the penalties imposed by the WTO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as no case for imposing there penalties. We are also in agreement with Shri Ranka that when the assessee was already on the records of the department being income-tax payer, it could not be said that the assessee deliberately did not file the return. In the circumstances, we are unable to sustain the order of the authorities below. The same are concealed and the appeals are allowed. - - TaxTMI ..... X X X X Extracts X X X X X X X X Extracts X X X X
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