B.S.Dhillon, J.

1. The assessee is an individual. The last date of the financial year is the relevant valuation date in each case. A consolidated statement of the wealth-tax relating to assessment years 1965-66, 1966-67, 1967-68 and 1968-69 has been made. The returns of the wealth-tax had to be furnished by the assessee by June 30, 1965, June 30, 1966, June 30, 1967, and June 30, 1968, respectively. The returns of net wealth due under Section 14(2) of the W.T. Act (hereinafter called "the Act") had to be furnished for the said assessment years by August 2, 1965, August 10, 1966, September 4, 1967, and August 28, 1968, respectively. The return for the assessment year 1965-66 was actually furnished by the assessee on February 28, 1970. The returns for the remaining assessment years under consideration were not filed by the assessee at all. The WTO initiated penalty proceedings against the assessee and imposed under Section 18(1)(i) of the Act varying amounts of penalties in relation to the said four assessment years. No explanation for the delay in furnishing the return as aforesaid was filed by the assessee before the WTO.

2. The assessee filed an appeal before the A