TMI Blog2017 (8) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... e. In these circumstances, respectfully following the decision of Co-ordinate Bench of this Tribunal in the case of Smt.M.R. Prabhavathy v. ACIT [2002 (1) TMI 8 - KARNATAKA High Court] the order of the Ld.CIT(A) on this issue stands reversed and that of the AO restored. In respect of the AYs 2009-10, 2010-11 & 2011-12, it is noticed that the assessee has filed his return of income within the due date. The Revenue has not been able to dispute this fact. Even considering the submission of the Ld.DR that the return was not before the AO, the same would not stand, in so far as, that is not the ground raised by the Revenue. - WTA Nos.18 to 22/Mds/2017, Cross-Objection Nos.68 to 72/Mds/2017 - - - Dated:- 16-8-2017 - Shri George Mathan, Judi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... u/s.17 of the Act and consequently, the delay in filing of the return on account of the inability of the assessee to file the return on account of the non-availability of a statutory provision for the purpose of filing a belated return could not be held against the assessee. 4. The Ld.DR submitted that the levy of interest u/s.17B was compensatory. He placed reliance on the decision of the Co-ordinate Bench of this Tribunal, Bangalore Benches in the case of Smt. M.R. Prabhavathy v. ACIT reported in 80 ITD 520 (Bang.) wherein it has been held as follows: 9. From the above, it is clear that interest under section 17B is attracted in a case where the return of net wealth is furnished after the due date or where no such return is filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to have any ommission or mistake. Section l6(4)(i) comes into play when the Assessing Officer calls upon the person to file a return of wealth when there is an omission to file the return under section 14(1). Section 17 deals with a case of reopening of assessment in case of escapement of net wealth for assessment or a fresh assessment for an assessment year for which the normal time for assessment has elapsed. Section 17 inter cilia provides that the provisions of the WT Act, 1957 shall, so far as may be, apply as if the return filed under the section were a return required to be furnished under section 14. Explanation 3 under section l7B(1) makes it clear that where in relation to an assessment year an assessment is made for the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. He vehemently supported the order of the Ld.CIT(A). It was a further submission that in the Cross-Objection, the assessee has only supported the order of the Ld.CIT(A). It was a prayer that the order of the Ld.CIT(A) be upheld. 7. We have considered the rival submissions. In respect of the AYs 2007-08 2008-09, the filing of the return of wealth is mandatory duty on the assessee once the net wealth exceeds the prescribed limit. Just because, the due date for filing of the Wealth Tax Returns expire and the assessee had not filed his return within the due date, it cannot be said that the assessee is exempted from the levy of interest u/s.17B in respect of the period between the due date and the date of the notice u/s.17. The levy of in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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