https://www.taxtmi.com/caselaws?id=29641 Penalty under section 18(1)(a) of the Wealth-tax Act was not exigible where the original wealth-tax return had been filed on time, and the assessee later submitted a revised return after excluding ancestral property wrongly included in the individual return and showing it in the HUF return as karta. The delayed fresh return was treated as supported by sufficient cause, and the lawful exercise of the right to revise the return negatived the basis for penalty. The cancellation of penalty was therefore upheld in favour of the assessee. en-us Thu, 13 Aug 1981 00:00:00 +0530 Mon, 15 Mar 2010 12:44:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=29641 Penalty under section 18(1)(a) of the Wealth-tax Act was not exigible where the original wealth-tax return had been filed on time, and the assessee later submitted a revised return after excluding ancestral property wrongly included in the individual return and showing it in the HUF return as karta. The delayed fresh return was treated as supported by sufficient cause, and the lawful exercise of the right to revise the return negatived the basis for penalty. The cancellation of penalty was therefore upheld in favour of the assessee. Case-Laws Wealth-tax Thu, 13 Aug 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=29641