https://www.taxtmi.com/caselaws?id=67027 The court ruled in favor of the assessees, canceling all penalties imposed by the WTO for late filing of wealth-tax returns. The court considered the valid reasons presented for the delays, noting the assessees' efforts to seek extensions and lack of conscious disregard for their obligations. The court found that the penalties were unjustified, as the assessees were prevented by sufficient cause from filing returns on time due to non-finalization of accounts in the firm where they held capital assets. The appeals were allowed, emphasizing the lack of evidence supporting the penalties. en-us Sun, 19 Jul 1981 00:00:00 +0530 Tue, 08 Mar 2011 17:53:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67027 The court ruled in favor of the assessees, canceling all penalties imposed by the WTO for late filing of wealth-tax returns. The court considered the valid reasons presented for the delays, noting the assessees' efforts to seek extensions and lack of conscious disregard for their obligations. The court found that the penalties were unjustified, as the assessees were prevented by sufficient cause from filing returns on time due to non-finalization of accounts in the firm where they held capital assets. The appeals were allowed, emphasizing the lack of evidence supporting the penalties. Case-Laws Wealth-tax Sun, 19 Jul 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67027