https://www.taxtmi.com/caselaws?id=13712 Penalties for delayed filing of wealth-tax returns cannot survive where the underlying assessments are time-barred and therefore invalid under the Wealth-tax Act, 1957. The Tribunal treated the relevant assessments as barred by limitation and held that returns filed after the assessment period could not validate assessments made thereafter. On that basis, the penalty levies imposed with reference to those assessments were not sustainable. The separate question on the rate of penalty was left unanswered. en-us Mon, 24 Jan 2005 00:00:00 +0530 Mon, 03 May 2010 01:09:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13712 Penalties for delayed filing of wealth-tax returns cannot survive where the underlying assessments are time-barred and therefore invalid under the Wealth-tax Act, 1957. The Tribunal treated the relevant assessments as barred by limitation and held that returns filed after the assessment period could not validate assessments made thereafter. On that basis, the penalty levies imposed with reference to those assessments were not sustainable. The separate question on the rate of penalty was left unanswered. Case-Laws Wealth-tax Mon, 24 Jan 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13712