https://www.taxtmi.com/caselaws?id=55853 The Tribunal canceled the penalties imposed under section 18(1)(a) of the Wealth Tax Act for the assessment years 1972-73 and 1973-74, amounting to Rs. 4,487 and Rs. 2,284 respectively. The Tribunal found that the delays in filing the wealth tax returns were justified by sufficient cause, as evidenced by the delay in finalizing the firm's accounts in which the assessee was a partner. It concluded that penalties were unwarranted due to the absence of habitual default and unclear initiation of similar penalty proceedings under the Income Tax Act. en-us Thu, 16 Jun 1983 00:00:00 +0530 Tue, 30 Nov 2010 14:10:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55853 The Tribunal canceled the penalties imposed under section 18(1)(a) of the Wealth Tax Act for the assessment years 1972-73 and 1973-74, amounting to Rs. 4,487 and Rs. 2,284 respectively. The Tribunal found that the delays in filing the wealth tax returns were justified by sufficient cause, as evidenced by the delay in finalizing the firm's accounts in which the assessee was a partner. It concluded that penalties were unwarranted due to the absence of habitual default and unclear initiation of similar penalty proceedings under the Income Tax Act. Case-Laws Wealth-tax Thu, 16 Jun 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55853