Per Kapur, J.M.- The revenue is in appeal in relation to assessment years 1972 73 and 1973-74 and the subject matter is levy of penalty for concealment of assessee's net wealth, under section 18(1)(c) of the Wealth-tax, Act, 1957. The amounts of penalty are Rs. 3,20,104 and Rs. 2,84,553.

2. On appeal by the assessee the Id. first appellate authority deleted the penalties, hence the revenue is aggrieved and we have heard the parties at length 4-1 We have given our very careful consideration to the facts of the case, the reasoning of the Id. lower authorities, contents of assessee’s paper-book (13 pages) and that of the revenue (10 pages). At our behest, the assessee has also filed some factual details which relate to filing of the original wealth-tax return, wealth disclosed, wealth assessed, date of original assessment, date of the search on the assessee’s premises by FERA people, date of issuance of notices under section 17 of the Wealth tax Act, 1957, date of filing of the returns in response to the above notices, wealth disclosed in the returns filed in compliance to notices under section 17 of the Act, total wealth assessed on re-assessment, dates of completion of reassessm