https://www.taxtmi.com/caselaws?id=67831 The Appellate Tribunal ITAT Jaipur overturned penalties imposed under section 18(1)(a) of the Wealth Tax Act for delayed filing of net wealth returns for the assessment years 1973-74 and 1974-75. The Tribunal accepted the assessee's arguments of honest differences in asset valuation and liabilities, noting that the returned wealth was below the taxable limit for 1973-74 and marginally increased for 1974-75. It emphasized the lack of deliberate non-compliance and concluded that penalties were unwarranted, setting aside the penalties imposed by lower authorities. en-us Mon, 30 Aug 1982 00:00:00 +0530 Mon, 14 Mar 2011 18:40:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67831 The Appellate Tribunal ITAT Jaipur overturned penalties imposed under section 18(1)(a) of the Wealth Tax Act for delayed filing of net wealth returns for the assessment years 1973-74 and 1974-75. The Tribunal accepted the assessee's arguments of honest differences in asset valuation and liabilities, noting that the returned wealth was below the taxable limit for 1973-74 and marginally increased for 1974-75. It emphasized the lack of deliberate non-compliance and concluded that penalties were unwarranted, setting aside the penalties imposed by lower authorities. Case-Laws Wealth-tax Mon, 30 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67831