https://www.taxtmi.com/caselaws?id=68451 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the Revenue under sections 18(1)(a) and 18(1)(c) of the Wealth Tax Act. For late filing of wealth tax returns, the Tribunal agreed with the CIT(A) that there was a bona fide belief and reasonable cause for the delay due to the change in HUF status. Regarding non-furnishing of wealth tax returns, the Tribunal found that the penalties were not justified as the returns were filed before notice under section 17, and the wealth declared was accepted. The Tribunal considered legal precedents and explanations provided, leading to the cancellation of penalties in both instances. en-us Tue, 23 Apr 2002 00:00:00 +0530 Wed, 30 Mar 2011 10:23:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=68451 The Tribunal upheld the CIT(A)'s decision to cancel penalties imposed by the Revenue under sections 18(1)(a) and 18(1)(c) of the Wealth Tax Act. For late filing of wealth tax returns, the Tribunal agreed with the CIT(A) that there was a bona fide belief and reasonable cause for the delay due to the change in HUF status. Regarding non-furnishing of wealth tax returns, the Tribunal found that the penalties were not justified as the returns were filed before notice under section 17, and the wealth declared was accepted. The Tribunal considered legal precedents and explanations provided, leading to the cancellation of penalties in both instances. Case-Laws Income Tax Tue, 23 Apr 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=68451