Penalty for delayed filing must exclude periods of reasonable cause when calculating monthly penalty under wealth and gift tax provisions. Penalty for delayed filing of wealth-tax and gift-tax returns is calculated with reference to the period of default; any period during which reasonable cause existed for non-filing must be excluded from the quantum of monthly penalty, irrespective of whether an extension was sought. What constitutes reasonable cause is to be decided on the facts of each case, and assessing officers are to apply this exclusion when computing penalties.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Penalty for delayed filing must exclude periods of reasonable cause when calculating monthly penalty under wealth and gift tax provisions.
Penalty for delayed filing of wealth-tax and gift-tax returns is calculated with reference to the period of default; any period during which reasonable cause existed for non-filing must be excluded from the quantum of monthly penalty, irrespective of whether an extension was sought. What constitutes reasonable cause is to be decided on the facts of each case, and assessing officers are to apply this exclusion when computing penalties.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
