TMI Blog2003 (12) TMI 26X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act having been issued and full disclosure of net wealth was made, the amount of penalty should be reasonable and proportionate to the tax assessed - Revenue is unable to show any reason as to why the amount of penalty should not be reduced - Having regard to the quantum of tax assessed and the fact that the petitioner filed returns voluntarily disclosing his wealth, though belatedly, penal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te but before receiving; notice under section 14(2) of the Act. Assessments were completed and thereafter proceedings for levying penalty were initiated under section 18(1)(a) of the Act and penalty was levied for late filing of the returns. Figures of the tax chargeable and penalty imposed for the respective years are as under: Assessment year Penalty imposed (Rs.) Wealth-tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct having been issued and full disclosure of net wealth was made, the amount of penalty should be reasonable and proportionate to the tax assessed. It was submitted that tax assessed was about Rs. 7,600 while the penalty levied was about Rs. 40,000. Learned counsel for the petitioner submits that penalty should be reduced by 50 per cent. He relied on the decision of the apex court in Prithipal Sin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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