https://www.taxtmi.com/caselaws?id=67271 The Appellate Tribunal upheld the AAC's decision to cancel penalties under section 18(1)(a) of the Wealth Tax Act for delayed filing of returns for the assessment year 1970-71. The Tribunal found that the assesses had reasonable cause for the delay, as they promptly complied once aware of their tax liability. Emphasizing the importance of considering circumstances, the Tribunal dismissed the appeals filed by the WTO, highlighting that assesses acted promptly upon realizing their tax obligations. en-us Wed, 22 Oct 1975 00:00:00 +0530 Wed, 09 Mar 2011 18:11:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67271 The Appellate Tribunal upheld the AAC's decision to cancel penalties under section 18(1)(a) of the Wealth Tax Act for delayed filing of returns for the assessment year 1970-71. The Tribunal found that the assesses had reasonable cause for the delay, as they promptly complied once aware of their tax liability. Emphasizing the importance of considering circumstances, the Tribunal dismissed the appeals filed by the WTO, highlighting that assesses acted promptly upon realizing their tax obligations. Case-Laws Wealth-tax Wed, 22 Oct 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67271