https://www.taxtmi.com/caselaws?id=70137 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel penalties imposed under Section 18(1)(a) of the Wealth-tax Act for late filing of wealth-tax returns. The Tribunal accepted the assessee's claim of a bona fide belief regarding wealth-tax liability, noting the voluntary filing of returns and lack of deliberate defiance of the law. Revenue's argument against penalty cancellation was rejected, emphasizing the absence of deliberate misconduct by the assessee. The Tribunal dismissed Revenue's appeals, emphasizing penalties should be imposed only for deliberate defiance of the law, which was not evident in this case. en-us Wed, 24 Nov 1976 00:00:00 +0530 Thu, 14 Apr 2011 15:29:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70137 The Tribunal upheld the Appellate Assistant Commissioner's decision to cancel penalties imposed under Section 18(1)(a) of the Wealth-tax Act for late filing of wealth-tax returns. The Tribunal accepted the assessee's claim of a bona fide belief regarding wealth-tax liability, noting the voluntary filing of returns and lack of deliberate defiance of the law. Revenue's argument against penalty cancellation was rejected, emphasizing the absence of deliberate misconduct by the assessee. The Tribunal dismissed Revenue's appeals, emphasizing penalties should be imposed only for deliberate defiance of the law, which was not evident in this case. Case-Laws Wealth-tax Wed, 24 Nov 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70137