https://www.taxtmi.com/caselaws?id=67778 Penalty for delayed filing of a wealth-tax return was held unsustainable where the assessee showed reasonable cause for the default. The delay was only two months, the assessee had sought extension of time twice, and the return could not be filed earlier because the capital account and balance-sheets needed to value shares under the Wealth-tax Rules were not available. On these facts, the delay was treated as attributable to practical difficulty rather than deliberate or contumacious non-compliance, so the penalty under the wealth-tax penalty provision was not justified and cancellation was sustained in favour of the assessee. en-us Tue, 08 Apr 1980 00:00:00 +0530 Mon, 14 Mar 2011 15:24:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67778 Penalty for delayed filing of a wealth-tax return was held unsustainable where the assessee showed reasonable cause for the default. The delay was only two months, the assessee had sought extension of time twice, and the return could not be filed earlier because the capital account and balance-sheets needed to value shares under the Wealth-tax Rules were not available. On these facts, the delay was treated as attributable to practical difficulty rather than deliberate or contumacious non-compliance, so the penalty under the wealth-tax penalty provision was not justified and cancellation was sustained in favour of the assessee. Case-Laws Wealth-tax Tue, 08 Apr 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67778