9911796707
TMI Blog1984 (1) TMI 154X X X X Extracts X X X X X X X X Extracts X X X X ..... 0-71 to 1974-75 (both inclusive) were levied on an assessee, who had only a petty wealth-tax liability of Rs. 7,121 in the aggregate for the said five years, for the reason that the wealth-tax returns to be voluntarily furnished were furnished late. Fortunately the AAC cancelled these uncalled for impositions. Hence, the department appeals. 2. The facts are well stated in the orders of the wealth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... So the wealth-tax returns were furnished on 14-12-1977. In penalty proceedings the WTO stated that if the assessee wanted immunity, he should have made a separate disclosure under section 15 of the VDO. The AAC found reasonable cause for the failure. That is why the penalties were cancelled. 3. The assessee-respondent submitted before us that there is no need to make a separate disclosure under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 14 is a provision common to cases where searches under the Income-tax Act, 1961 or of the 1957 Act had taken place. The reference to value of the asset which is applicable only to wealth-tax in section 14 also supports that view that the 'said Acts' refer to the Wealth-tax Act also. This is a case where disclosure has been accepted without any modification. So the assessee became liable to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... what he need do in a case where there was a search under the Income-tax Act or the Wealth-tax Act, is to make a disclosure of income and that the rest like assessment to wealth-tax are only consequential and will take care of themselves and that, therefore, there is no need or hurry to file consequential wealth-tax returns, such belief is only a reasonable belief and such reasonable belief does c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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