1984 (8) TMI 128

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.... return by 8 Months. 2. The assessee HUF had filed Wealth-tax return on5th March 1976declaring net wealth of Rs. 1,92,100 which was below exemption limit of Rs. 2 lakhs. WTO however, assessed the assessee's net wealth at Rs. 6,26,430 which was reduced in appeal by AAC who directed that multiple of 12 times of net yield be applied for valuing the immovable properties owned by the assessee-HUF and ....

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.... was below the taxable limit and, therefore, the assessee had reasonable cause for not filing the Wealth-tax return within time. 4. At the hearing before us, it was pointed out by the counsel for the assessee that the aforesaid net wealth of Rs. 1,92,100 was based on the assessment order for assessment year 1973-74 in which year WTO had accepted with minor addition the valuation declared by the a....