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TMI Blog1987 (1) TMI 155X X X X Extracts X X X X X X X X Extracts X X X X ..... he WT Act for the asst. yr. 1973-74. The WTO had imposed a penalty of Rs. 14,121 as he found that the return was filed on14th March, 1979though it was due to be filed on July, 1973. The WTO however, noted that there was no request for extension for filing the return. The assessee had explained before the WTO that he was under a bona fide belief that his wealth was below the taxable limit in this y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... returns were being filed by the Controller of Defence Accounts atPoona. Even after his retirement he was under the impression that for the period prior to retirement the Controller of Defence Accounts would be filing relevant return. It was also submitted that the net wealth determined by the WTO was Rs. 1,52,286. This was inclusive of an amount of Rs. 50,000 which had been gifted by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... limit but for the inclusion of the deemed wealth which was the gift to the wife. It was, therefore, submitted that the belief of the assessee that his wealth was below the taxable limit was not only bona fide but could have been so held if the correct assessment was made. Even the amount gifted to the wife was held on the valuation date in the form of a fixed deposit in bank and it was an exempt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th. Apart from this the nature of the assets held by him and his wife could have provided him the exemptions and if the correct legal view would have been taken, the wealth of the assessee might have been below the taxable limit or may have been just marginally taxable. The fact that the assessee filed the return for the year 1974-75 in the next year itself shows his bona fides and that cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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