https://www.taxtmi.com/caselaws?id=62345 The Tribunal upheld the penalty imposed under section 18(1)(a) of the Wealth-tax Act for the assessment years 1973-74 and 1974-75, finding that the assessee failed to file returns without reasonable cause, despite later compliance with notices under section 14(2). The Tribunal determined that the penalty was justified as the default in filing returns voluntarily indicated a conscious disregard of legal obligations. Additionally, the Tribunal held that the penalty amount was correctly calculated based on the law applicable at the time of the original assessments, leading to the dismissal of the appeals. en-us Thu, 27 May 1982 00:00:00 +0530 Wed, 19 Jan 2011 13:52:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62345 The Tribunal upheld the penalty imposed under section 18(1)(a) of the Wealth-tax Act for the assessment years 1973-74 and 1974-75, finding that the assessee failed to file returns without reasonable cause, despite later compliance with notices under section 14(2). The Tribunal determined that the penalty was justified as the default in filing returns voluntarily indicated a conscious disregard of legal obligations. Additionally, the Tribunal held that the penalty amount was correctly calculated based on the law applicable at the time of the original assessments, leading to the dismissal of the appeals. Case-Laws Wealth-tax Thu, 27 May 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62345