https://www.taxtmi.com/caselaws?id=69512 Disclosure under the Voluntary Disclosure of Income and Wealth Ordinance, 1975 was held to extend protection against penalty consequences under the wealth-tax law where the assessee's wealth-tax liability arose only as a consequence of that disclosure. On that construction, no separate disclosure under section 15 was required, and penalty for late filing of the consequential wealth-tax returns could not be sustained. The Tribunal also accepted that the assessee had reasonable cause for the delay because it was believed the disclosure would cover the resulting wealth-tax compliance, including reliance on erroneous advice. The penalties were therefore unsustainable and the departmental appeals failed. en-us Mon, 16 Jan 1984 00:00:00 +0530 Thu, 07 Apr 2011 14:04:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69512 Disclosure under the Voluntary Disclosure of Income and Wealth Ordinance, 1975 was held to extend protection against penalty consequences under the wealth-tax law where the assessee's wealth-tax liability arose only as a consequence of that disclosure. On that construction, no separate disclosure under section 15 was required, and penalty for late filing of the consequential wealth-tax returns could not be sustained. The Tribunal also accepted that the assessee had reasonable cause for the delay because it was believed the disclosure would cover the resulting wealth-tax compliance, including reliance on erroneous advice. The penalties were therefore unsustainable and the departmental appeals failed. Case-Laws Wealth-tax Mon, 16 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69512