https://www.taxtmi.com/caselaws?id=63613 The Appellate Tribunal allowed the appeal, overturning penalties imposed under section 18(1)(a) of the Wealth Tax Act for delayed filing of returns. Despite filing late and exceeding exempted limits, the actual wealth was below taxable thresholds due to a counsel's mistake in inflating wealth figures. The Tribunal found the delay was justified by the assessee's genuine belief in lower wealth, thus deleting the penalties. The decision favored the assessee, holding the penalties were unwarranted given the circumstances. en-us Mon, 11 Apr 1977 00:00:00 +0530 Tue, 01 Feb 2011 11:01:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63613 The Appellate Tribunal allowed the appeal, overturning penalties imposed under section 18(1)(a) of the Wealth Tax Act for delayed filing of returns. Despite filing late and exceeding exempted limits, the actual wealth was below taxable thresholds due to a counsel's mistake in inflating wealth figures. The Tribunal found the delay was justified by the assessee's genuine belief in lower wealth, thus deleting the penalties. The decision favored the assessee, holding the penalties were unwarranted given the circumstances. Case-Laws Income Tax Mon, 11 Apr 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63613