https://www.taxtmi.com/caselaws?id=55242 The Tribunal upheld the department's contention on quantifying penalties for delay in submitting wealth-tax returns based on prevailing legal provisions. However, they agreed with the assessee that the delay should be penalized separately. The penalties were found leviable but with a different approach to quantification based on the service of notices under section 17(1). The Tribunal rejected the condonation of delay for the assessee's cross-objections due to substantial delay and discrepancies in filed affidavits. Departmental appeals were partly allowed, and the assessee's cross-objections were dismissed, with the Assessing Officer directed to quantify penalties accordingly. en-us Fri, 28 Jan 1994 00:00:00 +0530 Wed, 24 Nov 2010 17:49:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55242 The Tribunal upheld the department's contention on quantifying penalties for delay in submitting wealth-tax returns based on prevailing legal provisions. However, they agreed with the assessee that the delay should be penalized separately. The penalties were found leviable but with a different approach to quantification based on the service of notices under section 17(1). The Tribunal rejected the condonation of delay for the assessee's cross-objections due to substantial delay and discrepancies in filed affidavits. Departmental appeals were partly allowed, and the assessee's cross-objections were dismissed, with the Assessing Officer directed to quantify penalties accordingly. Case-Laws Income Tax Fri, 28 Jan 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55242