https://www.taxtmi.com/caselaws?id=67232 A special charging provision for closely-held companies under section 40 of the Finance Act, 1983 did not displace the penalty machinery of the Wealth-tax Act, 1957, because only specified provisions were excluded and the remaining provisions were to operate in conformity with that scheme. The assessee's challenge to penalty under section 18(1)(a) therefore failed. The tribunal also found no reasonable cause for the delayed filing of wealth-tax returns: the assessee had sought extensions, showing awareness of the revived levy, but produced no material explaining the further delay. Mere ignorance of law was not accepted, and the penalty was sustained. en-us Tue, 13 Dec 1994 00:00:00 +0530 Wed, 09 Mar 2011 16:36:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67232 A special charging provision for closely-held companies under section 40 of the Finance Act, 1983 did not displace the penalty machinery of the Wealth-tax Act, 1957, because only specified provisions were excluded and the remaining provisions were to operate in conformity with that scheme. The assessee's challenge to penalty under section 18(1)(a) therefore failed. The tribunal also found no reasonable cause for the delayed filing of wealth-tax returns: the assessee had sought extensions, showing awareness of the revived levy, but produced no material explaining the further delay. Mere ignorance of law was not accepted, and the penalty was sustained. Case-Laws Wealth-tax Tue, 13 Dec 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67232