https://www.taxtmi.com/caselaws?id=71127 Penalty under section 18(1)(a) of the Wealth-tax Act was held unwarranted where the assessee filed the return late on a bona fide belief that his wealth was below the taxable limit. The shortfall between returned and assessed wealth was marginal and was explained by a mistaken view that bank deposits were exempt. In the absence of material showing deliberate defiance of law, conscious disregard of the obligation, fraud, dishonesty, or filing after departmental detection, the quasi-criminal penalty provision was not attracted. The penalty was cancelled. en-us Sat, 24 Feb 1979 00:00:00 +0530 Thu, 21 Apr 2011 15:15:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71127 Penalty under section 18(1)(a) of the Wealth-tax Act was held unwarranted where the assessee filed the return late on a bona fide belief that his wealth was below the taxable limit. The shortfall between returned and assessed wealth was marginal and was explained by a mistaken view that bank deposits were exempt. In the absence of material showing deliberate defiance of law, conscious disregard of the obligation, fraud, dishonesty, or filing after departmental detection, the quasi-criminal penalty provision was not attracted. The penalty was cancelled. Case-Laws Wealth-tax Sat, 24 Feb 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71127