COMMISSIONER OF WEALTH TAX Vs. SURESH CHANDRA BADRILAL

JUDGEMENT

(1.) THIS is a reference under Section 27(1) of the W.T. Act, 1957, by the Income-tax Appellate Tribunal, Indore, stating the case and referring it to us for opinion on the following question :

(2.) THE assessee filed his returns of net wealth for the assessment years 1970-71 and 1971-72 on November 18, 1970, and November 16, 1971, respectively. THE WTO found that the above two returns were filed late by three months. He initiated penalty proceedings under Section 18(1)(a) of the W.T. Act and imposed penalties for the above default. THE AAC dismissed the appeal and upheld the levy of penalties imposed by the WTO.

(3.) COPY of the circular of CBDT has been filed at annex. 14 of the paper book. Perusal of this circular clearly indicates that the extension of time was not loaded with any condition precedent. It was a general extension in respect of all assessees who held agricultural assets. The circular only mentioned a reason for granting general extension when it referred to the fact that assessees holding agricultural lands may be required to get their agricultural assets valued properly by a qualified valuer. This was not a condition precedent for claiming the benefit of extension mentioned in the circular.