https://www.taxtmi.com/caselaws?id=64141 Penalty for delay in filing a net wealth return was held unsustainable because the Department did not discharge the initial burden in penalty proceedings. Although the assessee had earlier been subject to wealth tax and awareness of the filing obligation could be presumed, there was no material showing that, on the due date, he knew his net wealth exceeded the taxable limit. The original return disclosed wealth within the tax-free slab, and the valuation adopted there was not shown to be lacking bona fides. A later revised return, by itself, did not establish deliberate or contumacious default. en-us Tue, 10 Mar 1981 00:00:00 +0530 Sat, 05 Feb 2011 10:47:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64141 Penalty for delay in filing a net wealth return was held unsustainable because the Department did not discharge the initial burden in penalty proceedings. Although the assessee had earlier been subject to wealth tax and awareness of the filing obligation could be presumed, there was no material showing that, on the due date, he knew his net wealth exceeded the taxable limit. The original return disclosed wealth within the tax-free slab, and the valuation adopted there was not shown to be lacking bona fides. A later revised return, by itself, did not establish deliberate or contumacious default. Case-Laws Wealth-tax Tue, 10 Mar 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64141