Reasonable cause defense limits imposition of penalties for wealth tax compliance failures when the taxpayer proves reasonable cause. The amendment to section 18A(2) deletes the words "without reasonable cause" and adds a proviso providing that no penalty shall be imposable under this ... Summary
Reasonable cause defense limits imposition of penalties for wealth tax compliance failures when the taxpayer proves reasonable cause.
The amendment to section 18A(2) deletes the words "without reasonable cause" and adds a proviso providing that no penalty shall be imposable under this sub section if the person proves there was reasonable cause for the said failure, thereby creating an explicit reasonable cause defense to penalty imposition.
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