https://www.taxtmi.com/caselaws?id=64691 The Tribunal partially allowed the appeals challenging penalties imposed under section 18(1)(a) of the Wealth Tax Act for late filing of returns. The appellant's claims of reasonable cause for delay were not accepted due to substantial wealth and lack of substantiated reasons. Penalties were upheld but to be revised in line with the law at the time of penalty notice issuance, emphasizing the importance of timely tax compliance and proper penalty imposition. en-us Mon, 12 Jan 1987 00:00:00 +0530 Wed, 09 Feb 2011 13:07:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64691 The Tribunal partially allowed the appeals challenging penalties imposed under section 18(1)(a) of the Wealth Tax Act for late filing of returns. The appellant's claims of reasonable cause for delay were not accepted due to substantial wealth and lack of substantiated reasons. Penalties were upheld but to be revised in line with the law at the time of penalty notice issuance, emphasizing the importance of timely tax compliance and proper penalty imposition. Case-Laws Wealth-tax Mon, 12 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64691