https://www.taxtmi.com/caselaws?id=68251 The ITAT Jaipur canceled the penalty imposed for late filing of wealth-tax returns for the assessment years 1970-71 and 1971-72. The ITAT emphasized the need to consider reasonable cause for the delay and clarified that the CBDT circular did not restrict the extension to only those with taxable agricultural holdings. For the assessment year 1971-72, discrepancies in filing dates and the erroneous basis for calculating the delay led to the overturning of the penalty. The ITAT highlighted the importance of accurate interpretation of filing dates in levying penalties under section 18(1)(a). en-us Mon, 12 Jul 1982 00:00:00 +0530 Mon, 28 Mar 2011 16:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68251 The ITAT Jaipur canceled the penalty imposed for late filing of wealth-tax returns for the assessment years 1970-71 and 1971-72. The ITAT emphasized the need to consider reasonable cause for the delay and clarified that the CBDT circular did not restrict the extension to only those with taxable agricultural holdings. For the assessment year 1971-72, discrepancies in filing dates and the erroneous basis for calculating the delay led to the overturning of the penalty. The ITAT highlighted the importance of accurate interpretation of filing dates in levying penalties under section 18(1)(a). Case-Laws Wealth-tax Mon, 12 Jul 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68251