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TMI Blog2016 (2) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... f natural justice, we delete the penalty imposed by Assessing Officer and confirmed by Ld. CWT(A). - Decided in favor of assessee. - WTA No.39/Kol /2014 - - - Dated:- 24-11-2015 - Shri N.V. Vasudevan, Judicial Member and Shri Waseem Ahmed, Accountant Member For The Appellant : Shri Amit Kumar, ACA For The Respondent : Shri Sanjit Kr. Das, JCIT-SR-DR ORDER PER Waseem Ahmed, Accountant Member:- This appeal by the assessee is arising out of order of Commissioner of Wealth Tax (Appeals), Central-III, Kolkata in appeal No.18/CC-XXV/CIT(A) CIII/ 2011-12/Kolkata dated 14.02.2014. Assessment was framed by ACWT, Central Circle-XXV, Kolkata u/s 17/16(3) of the Wealth Tax Act, 1957 (hereinafter referred to as the Act ) vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t remind him to file the return of wealth tax. Therefore, it was sufficient cause for not filing the wealth tax return on time. However, AO disregarded the claim of assessee and imposed penalty @ 200% tax sought to be evaded u/s. 18(1) of the Act. 4. Aggrieved, assessee preferred appeal before Ld. CWT(A). Before Ld. CWT(A), AR of assessee submitted that there was a search and seizure action initiated by Central Excise Department and Income Tax Department on dated 31.05.2005 and 20.11.2006 respectively. Consequently, assessee had gone before Hon'ble Settlement Commissioner against the action taken by Central Excise and I.T. Department. So the assessee was busy in the litigation matter with the Department as stated above, he omitted t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee did not remind him or advice regarding filing of wealth tax return and he prayed to us for the waiver of the penalty imposed by Ld. CWT(A). Careful analysis of the fact reveals that there were two search and seizure conducted on assessee and which took place during the relevant year and the plea of Ld.AR that assessee was under compulsion of the documents to be produced before the Ld. Settlement Commissioner, we understand that in case of search, assessee is to comply with law and various declaration and formalities which certainly take lot of time. From the aforesaid situation and circumstances, it is clear that there was sufficient cause which prevented the assessee to pay wealth tax in the wealth tax return. Therefore, in the interest ..... X X X X Extracts X X X X X X X X Extracts X X X X
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