https://www.taxtmi.com/caselaws?id=65166 Penalty for belated filing of the wealth-tax return was held unwarranted where the assessee showed reasonable cause and a bona fide belief that his net wealth was below the taxable limit. The surrounding facts indicated that, if the property was valued under Rule 1BB, the net wealth would fall below the threshold, so the explanation for delay could not be treated as lacking bona fides. The marginal nature of the assessed wealth further supported the assessee's case. On those facts, the delay was attributable to reasonable and sufficient cause, and the penalty was deleted. en-us Sat, 10 Jan 1987 00:00:00 +0530 Mon, 14 Feb 2011 10:21:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65166 Penalty for belated filing of the wealth-tax return was held unwarranted where the assessee showed reasonable cause and a bona fide belief that his net wealth was below the taxable limit. The surrounding facts indicated that, if the property was valued under Rule 1BB, the net wealth would fall below the threshold, so the explanation for delay could not be treated as lacking bona fides. The marginal nature of the assessed wealth further supported the assessee's case. On those facts, the delay was attributable to reasonable and sufficient cause, and the penalty was deleted. Case-Laws Wealth-tax Sat, 10 Jan 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65166