https://www.taxtmi.com/caselaws?id=36088 The High Court set aside the penalty imposed on a wealth-tax assessee for belated filing of returns, emphasizing that the Commissioner must exercise discretion under Section 18B of the Wealth Tax Act based on factors like full disclosure of wealth and cooperation with the tax department, not solely on the reasonableness of the delay. The Court clarified that the Commissioner's focus on the reasonableness of the cause for delay was incorrect and remitted the matter for reconsideration, directing the Commissioner to assess the case in accordance with established principles under Section 18B. en-us Tue, 24 Feb 1981 00:00:00 +0530 Fri, 19 Mar 2010 12:35:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36088 The High Court set aside the penalty imposed on a wealth-tax assessee for belated filing of returns, emphasizing that the Commissioner must exercise discretion under Section 18B of the Wealth Tax Act based on factors like full disclosure of wealth and cooperation with the tax department, not solely on the reasonableness of the delay. The Court clarified that the Commissioner's focus on the reasonableness of the cause for delay was incorrect and remitted the matter for reconsideration, directing the Commissioner to assess the case in accordance with established principles under Section 18B. Case-Laws Wealth-tax Tue, 24 Feb 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36088