https://www.taxtmi.com/caselaws?id=56498 The Tribunal upheld penalties imposed by the WTO and confirmed by the AAC for delayed filing of returns by the assessee for assessment years 1972-73 to 1974-75. The Tribunal determined that approaching the Commissioner under section 18B(1) of the Wealth-tax Act implied an admission of guilt, establishing liability for penalties. Despite the assessee's claim for exemption under section 5(1)(xxxii) of the Act, the Tribunal found the explanations unreliable and dismissed the appeals, emphasizing the consequences of admitting guilt before the Commissioner. en-us Fri, 23 Sep 1983 00:00:00 +0530 Sat, 04 Dec 2010 10:35:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=56498 The Tribunal upheld penalties imposed by the WTO and confirmed by the AAC for delayed filing of returns by the assessee for assessment years 1972-73 to 1974-75. The Tribunal determined that approaching the Commissioner under section 18B(1) of the Wealth-tax Act implied an admission of guilt, establishing liability for penalties. Despite the assessee's claim for exemption under section 5(1)(xxxii) of the Act, the Tribunal found the explanations unreliable and dismissed the appeals, emphasizing the consequences of admitting guilt before the Commissioner. Case-Laws Wealth-tax Fri, 23 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=56498