https://www.taxtmi.com/caselaws?id=26359 The court held that the proviso to section 14(1) of the Wealth-tax Act, allowing an extension for filing the wealth-tax return, could not apply retrospectively to defaults before its enactment. The correct period of default under section 18(1)(a) was determined to be seven months from the due date of the return. The court found no reasonable cause for the delay in filing the return, upholding the penalty. The decision favored the Revenue, ordering each party to bear its own costs. en-us Thu, 28 Mar 1985 00:00:00 +0530 Thu, 04 Feb 2010 13:33:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26359 The court held that the proviso to section 14(1) of the Wealth-tax Act, allowing an extension for filing the wealth-tax return, could not apply retrospectively to defaults before its enactment. The correct period of default under section 18(1)(a) was determined to be seven months from the due date of the return. The court found no reasonable cause for the delay in filing the return, upholding the penalty. The decision favored the Revenue, ordering each party to bear its own costs. Case-Laws Wealth-tax Thu, 28 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26359