https://www.taxtmi.com/caselaws?id=64167 Penalty for delayed filing of a wealth-tax return was held inapplicable where the assessee had disclosed the relevant asset in income-tax returns, filed wealth-tax returns voluntarily after receiving advice on market-value valuation, and showed no concealment of the gold stock. The bona fide belief that no wealth-tax return was required was accepted on the facts, so section 18(1)(a) penalty was cancelled as unsustainable. en-us Fri, 30 Nov 1984 00:00:00 +0530 Sat, 05 Feb 2011 12:11:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64167 Penalty for delayed filing of a wealth-tax return was held inapplicable where the assessee had disclosed the relevant asset in income-tax returns, filed wealth-tax returns voluntarily after receiving advice on market-value valuation, and showed no concealment of the gold stock. The bona fide belief that no wealth-tax return was required was accepted on the facts, so section 18(1)(a) penalty was cancelled as unsustainable. Case-Laws Wealth-tax Fri, 30 Nov 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64167