https://www.taxtmi.com/caselaws?id=70548 The appellate tribunal upheld the AAC's decision to cancel penalties imposed by the WTO under s. 18(1)(a) of the Wealth Tax Act, 1957 for the assessment years 1967-68 to 1973-74. The tribunal found that the assessee had valid reasons for the delay in filing wealth tax returns, including family tragedies and business commitments, which were accepted as genuine and justified. Despite penalties exceeding authorized limits, the tribunal affirmed the cancellation based on reasonable cause for the delay. The Revenue's appeals were dismissed, supporting the cancellation of penalties by the AAC. en-us Thu, 21 Jun 1979 00:00:00 +0530 Sat, 16 Apr 2011 16:43:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70548 The appellate tribunal upheld the AAC's decision to cancel penalties imposed by the WTO under s. 18(1)(a) of the Wealth Tax Act, 1957 for the assessment years 1967-68 to 1973-74. The tribunal found that the assessee had valid reasons for the delay in filing wealth tax returns, including family tragedies and business commitments, which were accepted as genuine and justified. Despite penalties exceeding authorized limits, the tribunal affirmed the cancellation based on reasonable cause for the delay. The Revenue's appeals were dismissed, supporting the cancellation of penalties by the AAC. Case-Laws Wealth-tax Thu, 21 Jun 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70548