https://www.taxtmi.com/caselaws?id=65117 Penalty for delayed filing of a wealth-tax return was held unjustified where the assessee had a bona fide belief that net wealth was below the taxable limit. The record showed no assessment in the immediately preceding years because wealth was below the threshold, and the year's assessed wealth was only marginal. The immovable property valuation was based on an estimate supported by a subsequent valuer's report. On those facts, the explanation for non-filing was accepted in a practical, not technical, manner, and the penalty was cancelled in favour of the assessee. en-us Sat, 28 Jun 1980 00:00:00 +0530 Sat, 12 Feb 2011 14:18:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65117 Penalty for delayed filing of a wealth-tax return was held unjustified where the assessee had a bona fide belief that net wealth was below the taxable limit. The record showed no assessment in the immediately preceding years because wealth was below the threshold, and the year's assessed wealth was only marginal. The immovable property valuation was based on an estimate supported by a subsequent valuer's report. On those facts, the explanation for non-filing was accepted in a practical, not technical, manner, and the penalty was cancelled in favour of the assessee. Case-Laws Wealth-tax Sat, 28 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65117