JUDGEMENT
M.C. Agarwal, Judicial Member -
(1.)THESE are four second appeals by the assessee against the levy of penalty under Section 18(1)(a) for delay in the filing of returns of wealth-tax.
(2.)We have heard the learned counsel for the assessee and the learned Departmental Representative and have perused the material placed before us.
The relevant details may be summarised as below: -
JUDGEMENT_2327_TLIT0_19890.htm
In response to notices under Section 274 the assessee is said to have stated that there was no addition in the assets and the WTO went on increasing the valuation without placing any material or basis under the law. The assessee is further said to have contended that he was filing revision petitions before the CWT. These contentions did not find favour with the WTO and he levied the aforesaid amounts as penalty.
(3.)FOR assessment years 1967-68 and 1968-69 the WTO has calculated the penalty in three ways. FOR the period 1-8-1967 to 31-3-1969 the penalty has been calculated @ 2% of tax assessed. FOR the period 1-4-1969 to 31-3-1976 the penalty has been calculated at 1/2% of the wealth assessed and for the period 1-4-1976 onwards the penalty has been again calculated @ 2% of the assessed tax. The three amounts arrived at in the aforesaid manner form the total amount of penalty levied for these years. FOR assessment years 1970-71 and 1971-72 the penalty has been calculated for two periods, i.e., at the rate of 1/2% of wealth assessed for the period up to 31-3-1976 and @ 2% of tax assessed from 1-4-1976 onwards.
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