https://www.taxtmi.com/caselaws?id=65135 The Tribunal upheld the AAC's decision to cancel penalties imposed by the WTO for delay in filing wealth tax returns. It considered delay in filing income tax returns as a reasonable cause for the delay in wealth tax return submission, emphasizing the absence of deliberate default by the assessee. The Tribunal found no penalties imposed under section 271(1)(a) for the relevant years and affirmed that previous legal precedents supported the decision to delete the penalties. The Revenue's appeals were dismissed, and the penalties were upheld as cancelled. en-us Tue, 31 Aug 1982 00:00:00 +0530 Sat, 12 Feb 2011 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65135 The Tribunal upheld the AAC's decision to cancel penalties imposed by the WTO for delay in filing wealth tax returns. It considered delay in filing income tax returns as a reasonable cause for the delay in wealth tax return submission, emphasizing the absence of deliberate default by the assessee. The Tribunal found no penalties imposed under section 271(1)(a) for the relevant years and affirmed that previous legal precedents supported the decision to delete the penalties. The Revenue's appeals were dismissed, and the penalties were upheld as cancelled. Case-Laws Wealth-tax Tue, 31 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65135