R.K. Agrawal, J. - (1.) The present appeal under Section 27A of the Wealth-tax Act, 1957, (hereafter referred to as "the Act"), has been filed against the order of the Income-tax Appellate Tribunal, Delhi Bench, New Delhi, dated August 11, 1998.
(2.) Briefly stated the facts giving rise to the present appeal are as follows:
(3.) The present appeal relates to the imposition of penalty under Section 18(1)(c) of the Act for the assessment year 1977-78. The respondent-asses-see was assessed to wealth-tax up to the assessment year 1976-77. Thereafter he had not filed any return. The notice under Section 17 of the Act was issued to him but no return was filed. Notices under Section 16(4) of the Act were issued fixing various dates but the respondent-assessee did not appear before the assessing authority. The assessment was completed on March 16, 1988, under Section 16(5) of the Act on the net wealth of Rs. 27,52,700 and penalty under Section 18(1)(c) of the Act was also initiated in the course of assessment proceedings. The penalty proceedings were completed ex parte and a sum of Rs. 51,420 was imposed as penalty. The appeal preferred by the respondent-assessee was allowed by the Commissioner of Income-tax (Appeals) on the ground that no penalty under Section 18(1)(c) can be levied as he had not filed return for this year. According to the Commissioner of Income-tax (Appeals) unless an assessee submits a return actually concealing particulars of his net wealth, he could not be said to have concealed wealth or to have furnished inaccurate particulars thereof and consequently in such cases no penalty can be levied. The case of the assessee does not fall under any of the Explanations to Section 18(1)(c) of the Act as he has been previously assessed. The Revenue's appeal preferred before the Tribunal has been dismissed.;