https://www.taxtmi.com/caselaws?id=70698 Penalty for delayed filing of wealth-tax returns was treated as inapplicable where the assessee became liable only after making a post-search disclosure under a voluntary disclosure scheme. Section 14 of the scheme was understood to extend immunity from penalty to the disclosed income and the assets representing it, including the resulting wealth-tax consequences, so the late filing was protected. Independently, the assessee's bona fide belief that wealth-tax compliance arose only after the disclosure constituted reasonable cause for the delay. On either basis, the penalty was not exigible and the cancellation of penalties was sustained. en-us Mon, 16 Jan 1984 00:00:00 +0530 Mon, 18 Apr 2011 16:04:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70698 Penalty for delayed filing of wealth-tax returns was treated as inapplicable where the assessee became liable only after making a post-search disclosure under a voluntary disclosure scheme. Section 14 of the scheme was understood to extend immunity from penalty to the disclosed income and the assets representing it, including the resulting wealth-tax consequences, so the late filing was protected. Independently, the assessee's bona fide belief that wealth-tax compliance arose only after the disclosure constituted reasonable cause for the delay. On either basis, the penalty was not exigible and the cancellation of penalties was sustained. Case-Laws Wealth-tax Mon, 16 Jan 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70698