https://www.taxtmi.com/caselaws?id=57104 The Appellate Tribunal partially allowed the appeals, holding that penalties for delayed filing of wealth tax returns for the assessment years 1971-72 to 1973-74 should be recalculated from the date of a subsequent assessment until the date of filing the returns. The Tribunal considered the assessee's belief about his wealth being below the taxable limit until the subsequent assessment revealed otherwise, finding the delay unexplained only from that point onwards. The decision reversed the imposition of penalties for the entire period of delay, adjusting it based on the new assessment date. en-us Wed, 25 May 1977 00:00:00 +0530 Wed, 08 Dec 2010 14:47:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57104 The Appellate Tribunal partially allowed the appeals, holding that penalties for delayed filing of wealth tax returns for the assessment years 1971-72 to 1973-74 should be recalculated from the date of a subsequent assessment until the date of filing the returns. The Tribunal considered the assessee's belief about his wealth being below the taxable limit until the subsequent assessment revealed otherwise, finding the delay unexplained only from that point onwards. The decision reversed the imposition of penalties for the entire period of delay, adjusting it based on the new assessment date. Case-Laws Income Tax Wed, 25 May 1977 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57104