https://www.taxtmi.com/circulars?id=10174 Penalty for delayed filing of wealth-tax and gift-tax returns is calculated with reference to the period of default; any period during which reasonable cause existed for non-filing must be excluded from the quantum of monthly penalty, irrespective of whether an extension was sought. What constitutes reasonable cause is to be decided on the facts of each case, and assessing officers are to apply this exclusion when computing penalties. en-us Tue, 09 Apr 1974 00:00:00 +0530 Sat, 11 Jun 2011 12:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=10174 Penalty for delayed filing of wealth-tax and gift-tax returns is calculated with reference to the period of default; any period during which reasonable cause existed for non-filing must be excluded from the quantum of monthly penalty, irrespective of whether an extension was sought. What constitutes reasonable cause is to be decided on the facts of each case, and assessing officers are to apply this exclusion when computing penalties. Circulars Income Tax Tue, 09 Apr 1974 00:00:00 +0530 https://www.taxtmi.com/circulars?id=10174