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TMI Blog1982 (7) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... 957, by the Income-tax Appellate Tribunal, Indore, stating the case and referring it to us for opinion on the following question : " Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in cancelling the penalties imposed by the WTO u/s. 18(1)(a) of the W.T. Act, 1957, in respect of the assessment years 1970-71 and 1971-72, respectively, placing reliance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... since the wealth of the assessee included agricultural assets, he was entitled to the benefit of the extended date, vide the aforesaid circular. On this ground the penalties were deleted. Learned standing counsel for the Revenue contended before us that the Tribunal erred in holding that the assessee was entitled to the benefit of extension of time granted by the CBDT. According to him the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l lands may be required to get their agricultural assets valued properly by a qualified valuer. This was not condition precedent for claiming the benefit of extension mentioned in the circular. We, therefore hold that the Tribunal was justified in cancelling the penalties placing reliance on the circular of the CBDT dated October 30, 1972. There will be no order as to costs. - - Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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