TMI Blog2000 (7) TMI 34X X X X Extracts X X X X X X X X Extracts X X X X ..... the Wealth-tax Act, 1957 (for short "the Act"), the Income-tax Appellate Tribunal, Delhi Bench-C (for short "the Tribunal"), has referred the following question for the opinion of this court : "Whether, on the facts and circumstances of the case, the Tribunal was right in cancelling the penalty of Rs. 25,000 levied under section 18(1)(c) of the Wealth-tax Act, 1957 ?" The factual position, as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accurate particulars thereby attracting levy of penalty provisions of section 18(1)(c) of the Act. Proceedings were initiated against the assessee. Since the difference between the declared wealth and the assessed wealth exceeded Rs. 25,000, the Assessing Officer referred the matter to the Inspecting Assistant Commissioner ("the IAC" for short) under section 18(3) of the Act for finalisation of pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usions of the Inspecting Assistant Commissioner have been assailed and we are of the opinion that there is force in the appellant's argument. So far as the income from boats is concerned, the copy of the particulars of wealth filed along with the return, which is at pages 1 and 2 of the paper book, would show that although the value of the boat income is mentioned at Rs. 1,133.83 it has been speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h 31, 1971, and even income-tax was deducted on this amount. It is contended by the appellant that at the time of preparing the return the clerk concerned thought that all these amounts had already been received by the appellant, and, therefore, nothing was left receivable. No doubt, it is a mistake and rather a serious mistake, but one thing is certain that there could not have been any intention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal are essentially factual in nature with reference to the background facts. It has clearly come to the conclusion that the omissions were not deliberate and it was a clerical mistake with no contumacious conduct or conscious act involved. Such finding of fact does not give rise to any question of law. We, therefore, decline to answer the question referred. - - TaxTMI - TMITax - Wealt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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