9911796707
TMI Blog1978 (7) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... O u/s 18(1)(a) of WT Act for the asst. yr. 1971-72. 2. For the above asst. yr. Notice u/s 14(2) of the WT Act was served on the assessee on 20th June, 1971. The assessee filed the return only on 8th Oct., 1973. He was assessed on a net wealth of Rs. 1,90,900. Penalty proceedings were initiated for the delay in filing the return. Show cause notice was issued and the same was served on the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that there was no reasonable cause for the delay in fling the WT return beyond 15th Oct., 1971 up to which period he held that there was a reasonable cause for the delay in filing the IT return. Computing the period of default as 23 months he levied penalty u/s 18(1)(a) of the WT Act as stated above by his order dated 28th Feb., 1976. On appeal the AAC found that beyond the notice issued u/s 18(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted in 103 ITR 634 she held that penalty u/s 18(1)(a) was not warranted. She deleted the penalty. It is against this order of the AAC the present appeal is filed before us by the revenue. 3. The learned departmental representative strenuously contended that AAC erred in cancelling the penalty without giving a finding that the assessee had reasonable cause for not filing the return by the due dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rticulars of his wealth. The net wealth returned by the assessee was substantially accepted by the department because of the fact that the particulars were found to be correct. The wealth assessed was Rs. 1,90,000 and the WT demanded on this wealth was Rs. 909. If really all the particulars of wealth were available with the assessee he should have certainly filed the return of net wealth much earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out above the wealth of the assessee consisted, among others, of foreign wealth. The plea that it took time to gather the particulars of such wealth and therefore there was delay in filing the return has merit. We are, therefore, of the view, that it has not been established on the facts of this case that there was no reasonable cause for the delay in filing the wealth-tax return by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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