TMI Blog1985 (10) TMI 32X X X X Extracts X X X X X X X X Extracts X X X X ..... essment year 1970-71 against the order of the Income-tax Appellate Tribunal in WTA No. 313/JP/1979, dated August 8, 1981, has been preferred before this court. Earlier, the Tribunal was moved to make a reference under section 27(1) of the Wealth-tax Act, but the Tribunal declined to make a reference, vide its order dated January 29, 1980 (sic). The return of net wealth was due to be filed on or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xable limit. The assessee further submitted that there was no knowledge about the taxability of the aforesaid two assets and, therefore, the belief was formed that the wealth was below the taxable limit. It was also contended that only after the Finance Act, 1971, came into force was personal jewellery made taxable. The petitioner was not conscious of the fact that the personal jewellery was taxab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Tribunal for the assessment year 1971-72. We have perused the order of the Income-tax Appellate Tribunal as well as the orders passed by the lower authority and, we are in agreement with the view taken by the Income-tax Appellate Tribunal by its order dated August 8, 1981. The question of fact cannot be agitated before this court in a reference. The question whether it was a reasonable belief is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal was justified in rejecting the application for making a reference on the ground that no question of law arises from the order dated August 8, 1981, inasmuch as the question as to whether the explanation offered by the assessee for late filing of the return was reasonable or not, is a pure question of fact. In the instant case, the Tribunal has held that the said explanation given by t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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