https://www.taxtmi.com/caselaws?id=67337 Penalty for delayed filing of a wealth-tax return was held unwarranted where the assessee showed reasonable cause. The delay was explained by a bona fide dispute over inclusion of accumulated agricultural income in net wealth and by reliance on legal advice; if that income was excluded, the assessee's wealth would fall below the taxable limit. On these facts, the explanation for the delay was accepted as genuine and sufficient, and the authorities were found not justified in rejecting it. Penalty under section 18(1)(a) of the Wealth-tax Act was therefore cancelled. en-us Fri, 12 Dec 1980 00:00:00 +0530 Thu, 10 Mar 2011 11:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67337 Penalty for delayed filing of a wealth-tax return was held unwarranted where the assessee showed reasonable cause. The delay was explained by a bona fide dispute over inclusion of accumulated agricultural income in net wealth and by reliance on legal advice; if that income was excluded, the assessee's wealth would fall below the taxable limit. On these facts, the explanation for the delay was accepted as genuine and sufficient, and the authorities were found not justified in rejecting it. Penalty under section 18(1)(a) of the Wealth-tax Act was therefore cancelled. Case-Laws Wealth-tax Fri, 12 Dec 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67337