Search and seizure are reasonable cause for delay in filing & Payment of Wealth Tax

Briefly stated facts are that assessee is an individual and has declared net wealth of ₹1 ,65,86,600/- under Wealth Tax Act in response to the notice issued u/s 17 of WT Act dated 31-12-2009 and the same was accepted by the AO in his assessment order. However the AO initiated the penalty proceedings under section 18(1 )© of the Act in the assessment order. As noticed by AO that assessee did not file his wealth tax return voluntarily, so notice u/s 18(1 )© of the WT Act was issued to initiate the penalty proceedings. However, Ld. AR of assessee demonstrated before AO that assessee is a non-...