2004 (12) TMI 47

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..... the date of furnishing of the Income-tax return by the assessee?" – Held that there is no infirmity in the order made by the Tribunal upholding the order of the Appellate Assistant Commissioner whereunder penalty came to be reduced up to the date of filing of income-tax returns for both the assessment years under consideration. - In the result, the question referred to the court is answered in the .....

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..... ng on behalf of the applicant-Revenue. Though served, there is no appearance on behalf of the respondent-assessee. The assessment years under consideration are 1978-79 and 1979-80 and the relevant valuation dates are March 31, 1978 and March 31, 1979. For the assessment year 1978-79, the return of wealth which was due on July 31, 1978, was filed on March 8, 1983. The Wealth-tax Officer held that .....

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..... April 1, 1982, to August 9, 1983, for the assessment year 1979-80. The Revenue challenged the orders of the Appellate Assistant Commissioner before the Tribunal, who, for the reasons stated in its order dated December 1, 1989, upheld the orders of the Appellate Assistant Commissioner. Mr. M. R. Bhatt, learned senior standing counsel urged on behalf of the applicant, that the Appellate Assistant .....

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..... er section 3 of the Act, charge of wealth-tax is levied for every assessment year in respect of the net wealth of a person specified in the section on the corresponding valuation date. Section 2(q) of the Act defines "valuation date" to mean the last day of the previous year as defined in section 3 of the Income-tax Act. The definition of "net wealth" as appearing in section 2(m) of the Act means .....

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..... y the Tribunal upholding the order of the Appellate Assistant Commissioner whereunder penalty came to be reduced up to the date of filing of income-tax returns for both the assessment years under consideration. In the result, the question referred to the court is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. The reference stands disposed of accordingly. Th .....

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