1980 (12) TMI 63

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..... ng common order. 2. The assessee, whose main asset liable to wealth-tax is agricultural lands, received notice under s. 17 for the asst. yr. 1970-71 in March, 1976. He filed his wealth-tax return of that year on 24th Sep., 1976. He also voluntarily filed wealth-tax return for the asst. yr. 1971-72 on the same date and, later-on, similarly he filed wealth-tax returns of the subsequent two years .....

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..... bmissions and looked into the evidence contained in the assessee's paper book. We feel that the levy of penalty in all the three assessment years was not justified as the assessee had shown a reasonable cause for the delay. It may be stated that the assessee merely received notice under s. 17 for the asst. yr. 1970-71 and chose to file the wealth-tax returns of the years under appeal on voluntary .....

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..... he agreement aspect and the legal position that the value of a rented house was not exempt from wealth-tax in the assessment years under consideration. Considering the totality of circumstances, we feel that the assessee's plea of bona fide impression about his wealth to be below taxable limit is quite correct. The assessee returned wealth, which was not liable to tax and he became liable only bec .....

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