- (1.) THE Income -tax Appellate Tribunal, Allahabad, has referred the following two questions of law under Section 27(3) of the Wealth -tax Act, 1957, (hereinafter referred to as 'the Act'), for the opinion to this court: (i) Whether, on the facts and in the circumstances of the case, there was evidence before the Tribunal to come to the conclusion that the assessee was under a bona fide belief that she was not assessable to wealth -tax and no return was required to be filed by her? (ii) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was justified in law in cancelling the penalty of Rs. 4,900 under Section 18(1)(a) as sustained by the Appellate Assistant Commissioner of Wealth -tax?
(2.) THE present reference relates to the assessment years 1973 -74 and 1974 -75. Briefly stated the facts giving rise to the present reference are as follows: The assessee is an individual. In respect of the assessment years 1973 -74 and 1974 -75 her wealth -tax returns were due on August 15, 1973, and July 31, 1974, respectively, but the returns were filed by the assessee on November 12, 1981, in respect of both the aforesaid assessment years, declaring wealth of Rs. 2,39,200 for the assessment year 1973 -74 and Rs. 2,61,330 for the assessment year 1974 -75 whereon tax due was Rs. 2,500 and Rs. 2,640 respectively.
(3.) AS the said returns had been filed late by 98 months in the case of the assessment year 1974 -75, penalties under Section 18(1)(a) of the Act were imposed on the assessee as follows, as in the opinion of the Wealth -tax Officer, there was no reasonable cause for the late submission of the returns in question: Assessment year Penalty imposed 1973 -74 Rs. 69,433 1974 -75 Rs. 71, 327;