https://www.taxtmi.com/caselaws?id=56278 Penalty for delayed filing of a wealth-tax return was not leviable where the assessee gave a bona fide and reasonable explanation for the delay. The explanation accepted was that the ornaments had not been understood to be taxable when the return was due, and the liability for the relevant year was realised only when the later return was being prepared. The delay was treated as having been promptly cured after discovery of the liability, and these circumstances were considered sufficient to show reasonable cause, making penal action unduly harsh. en-us Mon, 29 Nov 1982 00:00:00 +0530 Thu, 02 Dec 2010 17:42:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56278 Penalty for delayed filing of a wealth-tax return was not leviable where the assessee gave a bona fide and reasonable explanation for the delay. The explanation accepted was that the ornaments had not been understood to be taxable when the return was due, and the liability for the relevant year was realised only when the later return was being prepared. The delay was treated as having been promptly cured after discovery of the liability, and these circumstances were considered sufficient to show reasonable cause, making penal action unduly harsh. Case-Laws Income Tax Mon, 29 Nov 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56278