R.M. Sahai, J.

1. THE assessee was assessed to wealth-tax as an individual for the assessment years 1964-65, 1965-66, 1966-67 and 1967-68. The accounting years followed by the assessee were Ram Navmi years. No voluntary returns of wealth were filed by him as required under Section 14(1) of the Act. The Wealth-tax Officer issued notice under Section 17 of the Act calling for return of net wealth for the assessment years which were served on the assessee on 26th of October, 1969. The returns were filed on 18th September, 1970. The assessments were completed on 30th January, 1971, and the Wealth-tax Officer initiated penalty proceedings under Section 18(1)(a) of the Act for delay in filing the returns. The returns of wealth filed were belated. Against the notice under Section 18(1)(a) dated 30th January, 1971, the assessee filed an application under Section 18(2A) of the Wealth-tax Act for waiver of penalty before the Commissioner of Wealth-tax, Lucknow, which was rejected by him. After the rejection of the application for waiver of penalty the Wealth-tax Officer issued a fresh show-cause notice on 28th August, 1971, which was served on the assessee but he did not appear nor d