9911796707
TMI Blog1986 (11) TMI 82X X X X Extracts X X X X X X X X Extracts X X X X ..... 1972-73, 1973-74 and 1974-75, the WTO has started proceedings under s. 18(1)(a) and passed separate orders levying penalty. Returns for the three years were due on 31st July, 1972, 31st Jan., 1973, and 31st July, 84 but the assessee actually filed the returns on 3rd Jan., 1975. Thus, there was a delay of 34 months, 22 months and 10 months for the three years respectively. The WTO imposed penalty f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lmyug P. Ltd. The Income-tax Department had searched the premises of M/s Filmyug P. Ltd. and seized the books of accounts of the company. They had also seized the books of accounts of the assessee. All these were returned in July, 1974. During the period, the assessee was under great mental stress and he could not attend to these matters. As soon as the books of accounts were received back, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upon the finding recorded by the Tribunal in the case of Filmyug Pvt. Ltd. to say that the explanation given by the assessee before us is worth of acceptance. 5. We have considered the facts and circumstances of this case. It is a fact that the premises of Filmyug P. Ltd. had been searched by the Income-tax Department around May, 1972. Not only the books of accounts pertaining to Filmyug P. Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 975. This is a Private Ltd. Co. And unless the books of accounts are closed and audited, the figures would not be known. Naturally, the assessee would also be equally handicapped. Not only this, even the books and papers of the assessee had been seized. It is not as though the assessee is just a person having some interest in Filmyug P. Ltd. He was a Managing Director and the debit balance were su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eturn in defence to a notice issued under s. 271 (1) (a) of IT Act. The same analogy applies to a proceeding under s. 18(1) (a) of WT Act also. In this case, not only the details of the debit balances of the assessee with Filmyug P. Ltd. were necessary, even the personal books and papers of the assessee had been seized by the IT Department and the circumstances are sufficient to apply the rule poi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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