ASHOK KUMAR JALAN Vs. COMMISSIONER OF WEALTH TAX

JUDGEMENT

(1.) THIS is a reference under Section 27(1) of the Wealth-tax Act, 1957. The following two questions have been referred to this court for our opinion :

(2.) THE facts not in controversy are that the assessee was liable to file a return of net wealth in terms of Section 14 of the Wealth-tax Act, 1957 (hereinafter referred to as "the Act"). It is not in controversy further that the return was not filed on or before June 30, 1969. THE return having been filed late, the Wealth-tax Officer in terms of Section 18(1)(a) of the Act assessed the period of default as two months and imposed penalty for that period of Rs. 4,644 at the rate of 1/2 per cent. per month.

(3.) FOR the reasons stated above, both the questions referred to this court are answered in favour of the Department and against the assessee. In the circumstances of the case, there shall be no order as to costs.