9911796707
TMI Blog1989 (7) TMI 157X X X X Extracts X X X X X X X X Extracts X X X X ..... (the Act) for delay of 4 months. The return of wealth which was to be submitted by the assessee on 31st July, 1978 was in fact filed on 9th Feb., 1979. The income-tax return for the same year was filed on 4th Aug., 1978. The WTO condoned the delay up to 4th Aug., 1978 and for the balance delay which he held to be without reasonable cause, levied penalty of Rs. 2,238. On appeal, the CIT(A) condone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no reasonable cause for the delay beyond the above date and, therefore, levy of penalty for four months was fully justified. 3. We have carefully considered the rival submissions, facts and circumstances of the case and material on record. The WTO levied the penalty as according to him printed balance-sheet of General Fibre Dealers Ltd. in which the assessee was a director was ready by August, 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reparation and filing of the return. The WTO while rejecting the explanation of the assessee discussed only case of M/s General Fibre Dealers Ltd. From the copy of relevant assessment order dt. 8th Sept., 1981, we find that the total value of Rs. 16,62,088 was added for share holdings in different companies. Out of above amount only shares worth Rs. 20,712 were quoted shares, the balance were unqu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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