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TMI Blog2005 (1) TMI 100X X X X Extracts X X X X X X X X Extracts X X X X ..... 72 were barred by time and in further holding that no penalties could be levied on the basis of such assessments?" In case, the answer to the aforesaid question is in the negative, the following further question would arise: "Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that in case penalty is leviable on the assessee, the same should be calculated only at 2% p.m. of the tax assessed and not at different rates for different periods of default?" While finalising the assessments under the 1957 Act for the assessment years 1967-68, 1968-69, 1970-71 and 1971-72, the Wealth-tax Officer levied penalties on the assessee under section 18(1)(a) of the 1957 Act on account of delayed filing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, prior to the introduction of section 17A, a return could be filed at any time and so an assessment could also be made at any time. All these returns were, however, filed after the introduction of section 17A. Under section 17 A(1)(a) no order of assessment could be made at any time after the expiration of a period of four years commencing on and from the first day of April, 1975 or one year from the date of the filing of the return or a revised return under section 15, whichever is later. Thus, for the assessment years 1967-68 and 1968-69 an assessment could be made on 31-3-1984. The assessments were, therefore, time-barred and no penalty could be levied on the basis of an assessment which was barred by time. 11. For the assessment y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the return must be filed before the time mentioned in section 34(3) expired. A return filed thereafter was held to be invalid and could be ignored for taking action under section 34. 12. In the case before us the assessee filed returns of his wealth for assessment years 1970-71 and 1971-72 on December 20, 1983, i.e., much after the period of limitation for making the assessment had expired in the year 1979 and, therefore, no assessments could have been made on the basis of such returns and the assessments made by the Wealth-tax Officer on March 31, 1984, are invalid. No penalty could, therefore, be levied on the basis of such invalid assessments. For the reasons discussed above, we hold that the penalties in question have not been val ..... X X X X Extracts X X X X X X X X Extracts X X X X
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