https://www.taxtmi.com/caselaws?id=64386 Belated filing of a wealth-tax return was held not to justify penalty where the assessee had declared net wealth below the taxable limit and showed reasonable cause for the delay. The returned figure was supported by the assessee's earlier record, including an accepted valuation basis in a prior assessment, and the later valuation dispute did not make the declaration unreasonable. On those facts, the assessee could credibly believe that no taxable liability arose, so penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was not sustainable and cancellation of the penalty was justified. en-us Wed, 29 Aug 1984 00:00:00 +0530 Mon, 07 Feb 2011 15:57:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64386 Belated filing of a wealth-tax return was held not to justify penalty where the assessee had declared net wealth below the taxable limit and showed reasonable cause for the delay. The returned figure was supported by the assessee's earlier record, including an accepted valuation basis in a prior assessment, and the later valuation dispute did not make the declaration unreasonable. On those facts, the assessee could credibly believe that no taxable liability arose, so penalty under section 18(1)(a) of the Wealth-tax Act, 1957 was not sustainable and cancellation of the penalty was justified. Case-Laws Wealth-tax Wed, 29 Aug 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64386