1987 (8) TMI 33

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..... he circumstances of the case, the Tribunal is right in law in cancelling the penalty by holding that the delayed completion of the accounts of the firm constituted a reasonable cause for the delay in the filing of the wealth-tax return of the assessee-partner without requiring him to prove that he was diligent and vigilant and made all efforts to get the accounts of the firm completed in time ?" .....

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..... anation was rejected by the Wealth-tax Officer who imposed a penalty of Rs. 15,430. On appeal, the Appellate Assistant Commissioner held that the assessee had reasonable cause for the delay in the filing of the wealth-tax return and the imposition of penalty was consequently not justified. This order of the Appellate Assistant Commissioner cancelling the penalty was upheld on appeal by the Tribuna .....

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..... unal of that State is concerned, no referable question of law can be said to arise, even if the given question raises a question of law, as otherwise it will tantamount to questioning the correctness of the binding decision of the High Court by the Tribunal. The legal position being as set forth above, this reference cannot but be left unanswered and is accordingly returned as such. D. S. TEWA .....

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