9911796707
TMI Blog1981 (1) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... tal cover was received several days after the other covers were received. Thus it was a case of postal delay. Having considered the facts we condone the delay as it is due to reasonable cause. 3. The assessee is an HUF and returns under the WT Act were voluntarily filed for the asst. yrs. 1970-71, 1971-72 and 1972-73 on 27th Feb., 1974. In these returns the assessee had disclosed wealth of Rs. 1,59,835, Rs. 1,91,062 and Rs. 1,82,100. However, the assessments were made at a much higher figure and after the order of the AAC the assessed wealth comes to Rs. 2,49,600, Rs. 4,53,200 and Rs. 4,58,700. The WTO had issued show cause notice to explain why penalties under s. 18(1)(a) should not be imposed. The assessee had submitted that according t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med the penalties. 5. It has been submitted before us that the assessee had filed returns showing wealth below taxable limits and the additions made to his wealth have not been held to be the assessee's concealed wealth. It was contended that the major addition was in respect of revaluation of the assessee's interest in the firms but the assessee was not a party to that revaluation which had been done in the case of Naresh Kumar. It was submitted that the assessee was very old and was not keeping good health at the relevant time. It was also contended that various additions made were not properly contested due to assessee's bad health. It was contended that no case has been made out that the assessee knowingly disclosed its interest in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nuine reason for his impression that the property was exempt from tax. As regards the assessee's interest in the firms the increase is as a result of revaluation of the assets belonging to the firm has not been shown in the order imposing penalty that the assessee could have easily ascertained the value of his interest in the firms as worked out by the WTO on the basis of the report of the Valuation Officer. The valuation appears to have been done in the case of Naresh Kumar another partner and no separate opportunity was given to the assessee in this regard. Even if it is accepted that the ultimate assessable wealth is as per the order of the WTO it does not mean that the assessee could work out his interest in the firms in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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