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TMI Blog1979 (2) TMI 153X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 was due on 30th June, 1972. The same was, however, filed on 13th Nov., 1975. For late submission of the return, penalty proceedings were initiated against the assessee. In response to the show cause notice, the assessee contended that he was under a Bona fide belief that his wealth being Rs. 98,311 was below the taxable limit and so he did not file his return in time. The WTO rejected this plea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2 and Rs.10,000 in the U.Co. Bank on 12th July, 1971 and 14th Oct., 1971 which the considered to be exempt from wealth-tax. According to him, the assessee believed in good faith that all the fixed deposits in the Banks were exempt from wealth-tax irrespective of their period of deposit and that explains why the assessee considered his wealth to be below the taxable limit. In our opinion, it would ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt and penalty need not also be imposed because it is lawful to do so. Now, in the present case, there is absolutely no evidence on the record to prove that the assessee intentionally or fraudulently delayed the submission of his return or that he filed the return after the default was detected by the Department. There is also no material on the record to suggest that the conduct of the assessee w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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