https://www.taxtmi.com/caselaws?id=67686 The Tribunal upheld the AAC's decision to quash penalties under s. 18(1)(a) for late filing of wealth tax returns for the years 1967-68 to 1970-71. It was concluded that the assessee genuinely believed their net wealth was below the taxable limit, justifying the delayed filings. The Tribunal found no evidence of deliberate avoidance or mala fide intentions in the delayed submissions, leading to the dismissal of Departmental appeals and allowance of the assessee's cross objections. en-us Sat, 22 Oct 1977 00:00:00 +0530 Sat, 12 Mar 2011 13:33:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67686 The Tribunal upheld the AAC's decision to quash penalties under s. 18(1)(a) for late filing of wealth tax returns for the years 1967-68 to 1970-71. It was concluded that the assessee genuinely believed their net wealth was below the taxable limit, justifying the delayed filings. The Tribunal found no evidence of deliberate avoidance or mala fide intentions in the delayed submissions, leading to the dismissal of Departmental appeals and allowance of the assessee's cross objections. Case-Laws Wealth-tax Sat, 22 Oct 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67686