JAYENDRA SINGH Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) THE Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, has referred the following question of law for the opinion of this court:

(2.) THE assessee was required to file his return of wealth for the assessment year 1966-67 on or before June 30, 1966. THE return was, however, filed on October 25, 1971. THE assessee tried to explain the delay in filing the return. THE Wealth-tax Officer did not accept the explanation furnished by the assessee and held that the delay in filing the return was without reasonable cause and imposed a penalty of Rs. 1,02,926 upon the assessee for the delay in filing the return of wealth. On appeal, the Appellate Assistant Commissioner held that the assessee had sufficiently explained the delay in filing the return up to September 30, 1970, but beyond that period, there was no reasonable cause for not filing the return of wealth and, as such, the assessee was liable for imposition of penalty for the period from October 1, 1970, to October 25, 1971, under Section 18(1)(a) of the Wealth-tax Act, as it was amended from April 1, 1969. On further appeal to the Income-tax Appellate Tribunal, Jaipur Bench, Jaipur, it was held that the penalty imposable upon the assessee for late filing of the return should be calculated in accordance with the provisions of Section 18(1)(a), as they stood on the date the assessment order was passed and the law which was in force earlier thereto, could not govern the computation of penalty.