https://www.taxtmi.com/caselaws?id=71105 Delay in filing the wealth-tax return was treated as supported by reasonable cause where the assessee's main wealth was capital in partnership firms and the firms' accounts had not been finalised by the due date, leaving the capital position unascertainable. The absence of a formal petition did not undermine the explanation already appearing on the record. On these facts, penalty under section 18(1)(a) of the Wealth-tax Act was held not sustainable, and cancellation of the penalty was upheld. en-us Wed, 04 Feb 1976 00:00:00 +0530 Thu, 21 Apr 2011 13:41:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71105 Delay in filing the wealth-tax return was treated as supported by reasonable cause where the assessee's main wealth was capital in partnership firms and the firms' accounts had not been finalised by the due date, leaving the capital position unascertainable. The absence of a formal petition did not undermine the explanation already appearing on the record. On these facts, penalty under section 18(1)(a) of the Wealth-tax Act was held not sustainable, and cancellation of the penalty was upheld. Case-Laws Wealth-tax Wed, 04 Feb 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71105