https://www.taxtmi.com/caselaws?id=14289 The court set aside the Commissioner's order imposing penalties for late filing of returns under the Wealth-tax Act for the assessment years 1970-71, 1976-77, and 1977-78. The petitioner's application for waiver of penalties was granted as they had made full and true disclosures voluntarily before notice under section 14(2) of the Act, meeting the conditions for penalty waiver under section 18B(1)(b). The Commissioner's reasoning was found erroneous, and the judgment emphasized the need for the Commissioner to exercise discretion in granting penalty waivers when conditions are satisfied. en-us Fri, 02 Feb 2001 00:00:00 +0530 Wed, 15 Jul 2009 10:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14289 The court set aside the Commissioner's order imposing penalties for late filing of returns under the Wealth-tax Act for the assessment years 1970-71, 1976-77, and 1977-78. The petitioner's application for waiver of penalties was granted as they had made full and true disclosures voluntarily before notice under section 14(2) of the Act, meeting the conditions for penalty waiver under section 18B(1)(b). The Commissioner's reasoning was found erroneous, and the judgment emphasized the need for the Commissioner to exercise discretion in granting penalty waivers when conditions are satisfied. Case-Laws Wealth-tax Fri, 02 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14289