1976 (2) TMI 97

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... as in fact filed on 26th Oct., 1971. The ITO held that he assessee had no reasonable cause for this delay in the filing of the Wealth-tax return. He, therefore, imposed the penalty. 3. The AAC found that the assessee was a partner in K.L. Bhasin and Co. (Petrol Pump), Bokaro and K.L. Bhasin Co., Ranchi. These firm s return had not been filed, the assessee did not know the exact position of the .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... e other hand, submitted that in the absence of the availability of capital account in the firm, the assessee could not file the wealth-tax return. As soon as the figures were available, the wealth-tax return was filed. He, therefore, submitted that the delay was due to a reasonable cause. 6. Having heard the arguments, we are of the view that the AAC was justified in cancelling the penalty as he .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X