https://www.taxtmi.com/caselaws?id=69711 The appellate tribunal upheld the decision of the AAC to cancel the penalty imposed under section 18(1)(a) of the Wealth-tax Act for the assessment year 1971-72. The tribunal found that there was a reasonable cause for the delay in filing the wealth-tax return, particularly due to the complexity of the assessee's wealth details, including foreign assets. The penalty amount of Rs. 10,454 was deemed disproportionate to the tax demanded, leading to the cancellation of the penalty. The tribunal ruled in favor of the assessee, dismissing the revenue's appeal. en-us Wed, 19 Jul 1978 00:00:00 +0530 Mon, 11 Apr 2011 16:51:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69711 The appellate tribunal upheld the decision of the AAC to cancel the penalty imposed under section 18(1)(a) of the Wealth-tax Act for the assessment year 1971-72. The tribunal found that there was a reasonable cause for the delay in filing the wealth-tax return, particularly due to the complexity of the assessee's wealth details, including foreign assets. The penalty amount of Rs. 10,454 was deemed disproportionate to the tax demanded, leading to the cancellation of the penalty. The tribunal ruled in favor of the assessee, dismissing the revenue's appeal. Case-Laws Wealth-tax Wed, 19 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69711