https://www.taxtmi.com/caselaws?id=9409 The High Court held that the principle of double jeopardy does not apply to penalties under section 18(1)(a) of the Wealth-tax Act. The Tribunal's decision in Ambika Cements was deemed inapplicable. However, the High Court found that the Tribunal failed to properly consider the reasonable cause for the delay in filing returns. The court directed the Tribunal to reassess the penalty, partially favoring both the assessee and the Revenue. en-us Fri, 09 Sep 2005 00:00:00 +0530 Mon, 22 Jun 2009 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9409 The High Court held that the principle of double jeopardy does not apply to penalties under section 18(1)(a) of the Wealth-tax Act. The Tribunal's decision in Ambika Cements was deemed inapplicable. However, the High Court found that the Tribunal failed to properly consider the reasonable cause for the delay in filing returns. The court directed the Tribunal to reassess the penalty, partially favoring both the assessee and the Revenue. Case-Laws Wealth-tax Fri, 09 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9409