https://www.taxtmi.com/caselaws?id=36711 The High Court upheld penalties for delayed submission of returns under the Wealth-tax Act for assessment years 1967-68 and 1970-71. The delay until June 1970 was deemed reasonable due to an ongoing valuation dispute, despite reliance on an advocate for maintaining accounts. The Court affirmed the penalty rate calculation based on the law before April 1, 1969, aligning with previous decisions. The judgment emphasized considering reasonable causes for delays and upheld the Tribunal's decision on penalty rates. Each party was directed to bear their own costs due to partial success and failure in the case. en-us Mon, 13 Aug 1979 00:00:00 +0530 Wed, 24 Mar 2010 11:07:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36711 The High Court upheld penalties for delayed submission of returns under the Wealth-tax Act for assessment years 1967-68 and 1970-71. The delay until June 1970 was deemed reasonable due to an ongoing valuation dispute, despite reliance on an advocate for maintaining accounts. The Court affirmed the penalty rate calculation based on the law before April 1, 1969, aligning with previous decisions. The judgment emphasized considering reasonable causes for delays and upheld the Tribunal's decision on penalty rates. Each party was directed to bear their own costs due to partial success and failure in the case. Case-Laws Wealth-tax Mon, 13 Aug 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36711